Elixir Secures $8 Million in Series B Funding to Elevate Liquidity on Orderbook Platforms

A decentralized network aimed at boosting liquidity in orderbook exchanges. Elixir Elixir successfully raised $8 million in its Series B funding round, led by Mysten Labs and Maelstrom, with additional support from Manifold, Arthur Hayes, Amber Group, GSR, and Flowdesk. These funds will be invested in the continued development of the initiative.

Orderbook exchanges facilitate direct trading, offering a different approach compared to Automated Market Makers (AMMs) that depend on liquidity pools and mathematical algorithms. Nevertheless, decentralized exchanges (DEXs) are facing liquidity issues, which is steering the market toward orderbook systems.

Elixir addresses these liquidity challenges by allowing users to supply liquidity for various trading pairs and rewarding them for their involvement. By motivating users to deepen liquidity, Elixir aims to create a more effective trading environment, which is expected to result in tighter bid-ask spreads and improved trading volumes. Currently, the network is a key liquidity provider on exchanges like Vertex, Bluefin, and RabbitX, with plans to expand its integration with other trading platforms. dYdX and ApeX .

Following a previous funding round that raised $7.5 million in Series A late last year, supported by Hack VC, NGC Ventures, AngelList Ventures, and Bloccelerate, which placed a $100 million valuation on the project, Elixir's worth has seen a remarkable increase. It has now reached an impressive $800 million following both Series A and B rounds, with the total amount raised exceeding $17 million.

Elixir Reaches New Milestones in the World of Decentralized Finance

Established in 2022, Elixir acts as a consensus network, offering a platform where users can provide liquidity to orderbook exchanges. Its modular design enables seamless integration for orderbook DEXs, allowing these systems to tap into retail liquidity for diverse pairs and various other applications. The launch of the mainnet is on the horizon.

Recently, Elixir introduced The Apothecary feature empowers users to track their contributions and interact with Elixir via social channels. This development marks a notable step towards the goal of improving liquidity in both Layer 1 and Layer 2 blockchain environments as well as the exchanges tied to them.

With the fresh infusion of funds, a groundbreaking approach to liquidity, and strategic initiatives in the pipeline, Elixir is carving out its role as a pioneering player in the ever-changing ecosystem of decentralized finance. decentralized finance .