Elixir

Elixir is a modular delegated-proof-of-stake (DPoS) network designed to provide liquidity for order-book decentralized exchanges (DEXs). Its core product, deUSD, is a delta-neutral synthetic dollar backed by stETH, with the protocol simultaneously shorting ETH to hedge price volatility and dynamically adjusting asset composition when funding rates turn negative.

The market pain point Elixir addresses is the lack of liquidity in order-book DEXs, which traditionally rely on professional market makers. By allowing ordinary users to provide liquidity directly, Elixir lowers the barrier to entry. It currently supplies over $1.25 billion in capital depth across partner exchanges, contributing close to or more than 50% of liquidity for platforms like Bluefin, Vertex, and RabbitX.

In the past six months (March–September 2026), Elixir has expanded deUSD adoption across multiple chains including Ethereum mainnet, Arbitrum, Avalanche, and Sei, with plans for further ecosystem integrations. The Apothecary points program has continued to incentivize deposits, and the network now operates with over 13,000 independent nodes globally. No major negative incidents have been publicly reported during this period.