Elixir vs Ethena ⚔️ Seems like Elixir is looking to compete with Ethena by launching their own synthetic dollar.
The modular blockchain liquidity project has released their own deUSD token, which it claims to be fully decentralized through verifiable proofs and open-source code.
In a similar fashion to Ethena's USDe stablecoin, deUSD will be fully backed by staked assets such as stETH and sDAI, which is used as collateral to open a short position on Ether to maintain a delta-neutral position.
While deUSD stakers can receive the basis yield generated from the position much like Ethena, they will also have an opportunity to earn additional incentives for providing liquidity.
The project stated they have $1B in liquidity to support their synthetic dollar, with several deUSD pools currently live on Curve.
Several changes have been also been made to Elixir's Apothecary Initiative points campaign, where users can stake or provide liquidity for deUSD to earn 5x more Potions.
For ETH stakers on Elixir, they can choose to mint deUSD with their staked elxETH, but their deposits will be re-locked until December 2024.
Editor's Note: Even though more stablecoins are being built on top of basis trading, these sorts of products have been heavily scrutinized in the past due to their inability to scale and maintain sustainable yields. While its unlikely that the stablecoin will face any major risk of collapse, having more entrants into the space will compress yields from the basis trade, ultimately making it less attractive for users to hold and use. | 
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