October 31st marks a new era for the Elixir Network with the introduction of a new Apothecary epoch and the upcoming launch of the first mainnet phase of the network.

To date, participants within Elixir’s ecosystem have been earning potions as part of the recent Apothecary program. These mark the contribution to the growth of the network in its early phases - this includes deUSD users, community members and those who’ve supplied liquidity to Elixir-powered orderbooks.

The network has established steady ongoing functionality, as well as multiple live use cases which have received significant early product market fit. This includes both deUSD and live native integrations with five exchanges (with more slated to go live in the coming months).

The focus of Era 1 of Elixir’s Apothecary rewarded participants that were early liquidity providers to Elixir-powered orderbooks, directly depositing liquidity to exchanges natively integrating Elixir, such as Vertex, Bluefin, RabbitX, ApeX, and Orderly.

Elixir unlocks liquidity for orderbook exchanges and sustainably powers 20-40%+ of their total orderbook liquidity, with the most recent example as Orderly Network. The below graphic shows total TVL on Orderly, designating when the Elixir integration went live:

Era 2 targeted liquidity providers and holder for deUSD, the synthetic dollar asset powered by the Elixir Network. Within 48 hours, deUSD broke ~$120 million in liquidity and was one of the fastest growing asset pairs in Curve’s history and currently deUSD has over $150 million in TVL:

With the significant growth and initial demand in deUSD, Elixir has been focused on fostering the growth of the greater DeFi ecosystem, including supporting multi chain use cases of deUSD (e.g. serving the sole backing for Sei’s native yield-bearing stablecoin, fastUSD). This is just the beginning however, and there are numerous other significant partnerships lined up for announcement in the coming weeks.

Elixir has built a strong DeFi ecosystem around deUSD, with integrations including Morpho, EtherFi, Karak, Balancer, MIM, and other protocols on Ethereum.

Elixir’s ambitions are now expanding to mainnet and beyond. Similar to the Sei fastUSD partnership, there are a number of significant upcoming tier 1 ecosystem and foundation-level integrations that will proliferate deUSD across the space, as well as enabling unified liquidity for RWA assets on chain.

Elixir’s new Apothecary Era will target ecosystem participants that use or support deUSD, DeFi integrations utilizing deUSD, and native chain yield-bearing stablecoins. Participants who participated in Era 2 will receive a special OG multiplier on all potions, if they retain their snapshotted deposit within 30 days of this date.

Era 3 will give potions for active community participants, deUSD minters/holders, and orderbook pair LPs. Over the course of the next 10 months, heading up to and through our public mainnet launch, 750,000,000 potions will be distributed to users: our largest distribution of potions yet.

Starting today, deUSD stakers have now begun accruing liquid yield and earning a 2x potion boost. Curve LPs (and all other max incentivized integrations) will earn a 10x potion boost.

Current liquid APYs on deUSD are competitive:

In tandem with this new rewards program we are also thrilled to announce the first phase of Elixir’s mainnet, kicking off a stability phase that will transition this mainnet phase I into full public mainnet.

This short period will be marked by the launch of Elixir’s genesis institutional validator program. Once the network is running in a stable manner, the network will launch public mainnet. At this point, the network will scale up exposure on the basis trade. Elixir will announce these genesis institutional validators on October 31st.

On this date, the network kicks off a timer to public mainnet, coinciding with the launch of ELX.

ELX will be a crucial component of the network, serving as the crypto-economic underpinning of the system. The token will ensure the integrity and functionality of Elixir’s validator network.

Learn more about the Elixir governance and utility token (ELX) here: https://docs.elixir.xyz/elx-role-in-the-elixir-ecosystem

Elixir will also announce more details surrounding an upcoming Foundation Delegation Program shortly, enabling smaller and performant validators to receive ELX foundation delegation.

We have a busy upcoming couple of weeks as we approach the phase I mainnet launch date, so be sure to stay in the loop by joining our communities and following our Twitter:

Website: https://elixir.xyz/

Twitter: https://x.com/elixir

Discord: https://discord.gg/elixirnetwork

Telegram community: @elixir_network