March 12, 2024
Elixir, a modular network project based in New York, has secured $8 million in a Series B funding round. This round was co-led by Mysten Labs and Maelstrom, bringing Elixir’s valuation to $800 million. Other participants included Manifold, Amber Group, GSR, and Flowdesk. This funding follows Elixir's $7.5 million Series A round led by Hack VC in October, and a $2.1 million seed round in January 2022, totaling over $17 million in funding.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Elixir | Mar 12, 2024 | $8M | Series B | $17.6M | Mysten Labs | Web3 |
Elixir plans to use the new funds to develop its decentralized network, which is designed to improve liquidity across order book exchanges. The project supports the order book model, enabling traders to trade directly with each other instead of the automated market maker decentralized exchange system that relies on mathematical models and liquidity pools.
The network allows users to supply liquidity to pairs on order book exchanges, earning rewards for their contributions. Currently, Elixir powers liquidity on exchanges such as Vertex, Bluefin, and RabbitX. It also plans native integrations with other exchanges like dYdX, ApeX, Hyperliquid, Orderly Network, and NFTPerp.
The funding will support Elixir’s goal of serving as a modular liquidity protocol for Layer 1 and 2 ecosystems and their associated exchanges. Additionally, Elixir has announced the launch of its Apothecary initiative, a points-based system that allows users to track their contributions to the network. The mainnet launch is scheduled for August 2024.
About Elixir:
Elixir is a modular Delegated Proof of Stake (DPoS) network designed to power order book liquidity. The network is secured by over 10,000 validators globally, ensuring a robust and secure platform for its users. Elixir aims to enhance liquidity across various exchanges and contribute to the broader blockchain and cryptocurrency ecosystem.
Website: https://www.elixir.xyz/
X Account: https://x.com/elixir
X Followers today: 78.7k
About Investor
Investor: Mysten Labs
Mysten Labs is a blockchain development firm that focuses on building scalable and efficient blockchain solutions.
Location: Palo Alto, California, United States
Website: https://mystenlabs.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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