DeFi Protocol Elixir Raises $7.5M in Series A Round Led By Hack VC
DeFi platform Elixir has secured $7.5 million in a Series A investment fund led by Hack Venture Capital, bringing the protocol’s valuation to $100 million.
Other participants in the round included AngelList Ventures, NGC Ventures, Bloccelerate, Hudson River Trading, Genesis Trading, and angels from Ledger Prime.
The new capital will be used to expand the protocol’s team and accelerate the development of infrastructures, including the development order book liquidity on exchanges.
Earlier this year, Elixir raised $2.1M in a seed round led by Falcon X, Chapter One, and BitMex co-founder Arthur Hayes.
Elixir introduced the state-of-the-art liquidity provisioning and a holistic approach to transforming funds through decentralized and algorithmic market-making protocols.
The protocol's trustless algorithmic model allows widespread participation in supplying liquidity for exchange pairs on decentralized and centralized platforms.
By creating incentives for projects and providing full transparency in market-making, Elixir enables projects to have the edge in market-making services for their exchange pairs while significantly reducing costs.
The platform’s transparency means protocols can monitor how their liquidity is being provisioned. This benefits all participants and fosters high trust and accountability not often seen in traditional market-making practices.
The decentralized model of Elixir offers versatile utilities not only to decentralized finance (DeFi) projects but also to exchanges and protocols to enhance liquidity for their trading books.
Besides democratizing the market-making landscape, the protocol strives to share the proceeds traditionally generated from money market platforms with the token community.
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