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DeFi Protocol Elixir Raises $7.5M in Series A Round Led By Hack VC

Jimmy Aki
Last updated: | 2 min read
Source: Elixir

DeFi platform Elixir has successfully raised $7.5 million in a Series A investment round led by Hack Venture Capital. 

This substantial investment has boosted the protocol’s valuation to an impressive $100 million.

The Series A round also welcomed participation from key investors such as 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 funding round, which was spearheaded by Falcon X, Chapter One, and featured the involvement of Arthur Hayes, co-founder of BitMex.

Insights on the Elixir Model and Growth Trajectory So Far

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. 

By incentivizing members, individuals are motivated to participate in liquidity provisioning and earn financial perks through token rewards. 

This novel approach creates an additional demand for tokens while improving the ecosystem’s growth and sustainability. 

Elixir is on a vertical growth trajectory as it continues to develop its cutting-edge blockchain solution and move closer to realizing more goals. 

The new raise comes at a time when the decentralized market is facing stringent scrutiny following the collapse of FTX and the prominent Alameda research.

With Elixir thriving past industry setbacks, experts believe more milestones could be reached. 

The startup has also revealed plans to launch a delegated proof-of-stake mechanism on the mainnet in the coming weeks, a new trajectory that could drive its growth to new heights.