Elixir secures $8 million in Series B funding

Elixir, a decentralized network aiming to enhance liquidity on orderbook exchanges, recently finalized a Series B funding round, reaching a valuation of $800 million.

The round, co-led by Mysten Labs and Maelstrom, raised $8 million with contributions from entities including Manifold, Arthur Hayes, Amber Group, GSR, Flowdesk, among others.

Orderbook exchanges, preferred for their direct trading environment, contrast with Automated Market Makers that use liquidity pools and mathematical models for trading. However, decentralized exchanges have faced challenges in liquidity, leading to a shift towards orderbook models.

Elixir addresses this by allowing liquidity provision to exchange pairs, rewarding users in the process. The network supports a substantial share of liquidity on exchanges like Vertex, Bluefin, RabbitX, and is set to integrate with platforms including dYdX and ApeX.

Maelstrom’s Chief Investment Officer, Arthur Hayes, expressed enthusiasm for Elixir’s growth and its contribution to orderbook liquidity on major exchanges. The project’s valuation surged from $100 million to $800 million following its Series A and Series B funding rounds, with total capital exceeding $17 million.

Elixir’s CEO, Philip Forte, announced the upcoming network mainnet launch and introduced the Apothecary, a feature for users to track contributions and engage with Elixir on social media. This development marks a step towards realizing Elixir’s goal of powering liquidity across Layer 1 and Layer 2 blockchain ecosystems and their respective exchanges.

“We’re excited about it, it will help us pour fuel on the fire for our growth as we head into our mainnet launch,” Forte told Crypto.News when asked about the funding and the current bull market. “We’re already well funded but this will allow us to accelerate developer timelines.”