DeFi protocol Elixir raises Series A round 7.5M led by Hack VC
DeFi platform Elixir has secured $7.5 million in Series A investment funding led by Hack Venture Capital, bringing the protocol's valuation to $100 million.
Other participants in the round included Angelist Ventures, NGC Ventures, Blockchain, Hudson River Trading, Genesis Trading and angels from Ledger Prime.
The new capital will be used to expand the protocol team and accelerate infrastructure deployments.
Earlier this year, Elixir raised $2.1M in a seed round led by Falcon X, Phase One and BitMex co-founder Arthur Hayes.
Insights into the Elixir model and development direction so far
Elixir introduces a holistic approach to transform modern liquidity provision and funding through decentralized and algorithmic market protocols.
The trustless algorithmic model of the protocol allows for the widespread participation of liquidity provision for the pair exchange on a decentralized and centralized platform.
By creating incentives for projects and providing complete transparency in marketing, Elixir enables projects to have an edge in marketing services for their partners while reducing costs.
Platform transparency means that protocols can monitor how their liquidity is provided. This benefits all participants and fosters trust and accountability that cannot be seen in traditional marketing practices.
Elixir's decentralized model provides not only decentralized finance (DeFi) projects, but also exchanges and protocols to increase the liquidity of their trading books.
In addition to democratizing the market landscape, the protocol strives to share the revenue from traditional money market platforms with the token community.
By incentivizing members, individuals are motivated to participate in liquidity and earn monetary benefits through token rewards.
This new approach creates more demand for tokens while improving the ecosystem's growth and sustainability.
Elixir is on a steady growth trajectory as it develops a state-of-the-art blockchain solution and approaches further goals.
The new increase comes at a time when the decentralized market is under tight control after the collapse of FTX and the famous Alameda research.
As Elixir thrives on past industry failures, experts believe more breakthroughs are possible.
The startup plans to launch a proxy authentication mechanism on its mainnet in the coming weeks, a new direction that could propel its growth to new heights.
