Elixir secures $8 million in Series B funding

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Elixir, a decentralized community aiming to reinforce liquidity on orderbook exchanges, not too long ago finalized a Sequence B funding spherical, reaching a valuation of $800 million.

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

Orderbook exchanges, most popular for his or her direct buying and selling setting, distinction with Automated Market Makers that use liquidity swimming pools and mathematical fashions for buying and selling. Nevertheless, decentralized exchanges have confronted challenges in liquidity, resulting in a shift in direction of orderbook fashions.

Elixir addresses this by permitting liquidity provision to alternate pairs, rewarding customers within the course of. The community helps a considerable share of liquidity on exchanges like Vertex, Bluefin, RabbitX, and is about to combine with platforms together with dYdX and ApeX.

Maelstrom’s Chief Funding Officer, Arthur Hayes, expressed enthusiasm for Elixir’s development and its contribution to orderbook liquidity on main exchanges. The mission’s valuation surged from $100 million to $800 million following its Sequence A and Sequence B funding rounds, with complete capital exceeding $17 million.

Elixir’s CEO, Philip Forte, introduced the upcoming community mainnet launch and introduced the Apothecary, a characteristic for customers to trace contributions and interact with Elixir on social media. This growth marks a step in direction of realizing Elixir’s objective of powering liquidity throughout Layer 1 and Layer 2 blockchain ecosystems and their respective exchanges.

“We’re enthusiastic about it, it’s going to assist us pour gasoline on the hearth for our development as we head into our mainnet launch,” Forte instructed Crypto.Information when requested in regards to the funding and the present bull market. “We’re already nicely funded however this can permit us to speed up developer timelines.”

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