Elixir is a new MM resolution for the cryptocurrency market place that has just efficiently raised much more than $9 million in 2023. So, what is unique about this venture, let us come across out with Coinlive as a result of this posting!
What is the Elixir (ELXR) protocol? MM resolution for cryptocurrency exchanges
What is the Elixir (ELXR) protocol?
Elixir is a decentralized resolution for market place makers with buy guide optimization to establish liquidity and lessen slippage.
DEXs can very easily integrate Elixir into their core infrastructure to unlock liquidity for algorithmic market place building. The protocol serves as an vital decentralized infrastructure that permits exchanges and protocols to very easily launch liquidity for their buy books. This protocol also permits cryptocurrency tasks to boost liquidity through LP tokens.
Elixir is presently integrated into twenty main DEXs and there are above 60 protocols committed to employing Elixir for market place building on CEX.
Elixir protocol goods
The Elixir protocol can be integrated into DeFi buy guide-based mostly exchanges, enabling retail consumers to deliver liquidity to the buy guide to get rewards.
Through Elixir, major DEXs will be ready to let consumers to passively deliver liquidity to trading pairs, generate buy books, and unlock retail liquidity for MMs on exchanges. This final results in deeper liquidity for trading pairs.
Elixir Bonds let tasks to order Elixir LP tokens from the local community, producing a trading market place for their token pairs.
The bond creation system entails numerous very simple actions:
The venture establishes parameters for the bond, together with tricky cap, bonus quantity and swap time period. They also want to decide on the precise exchange and pair they want to deploy liquidity to.
Once the bond is produced and launched, Elixir Protocol will deal with the rest and the venture will start algorithmic market place creation for your selected centralized trading pair.
Liquidity mining permits for higher liquidity for trading pairs.
Through this performance, the Elixir protocol permits tasks to generate extra liquidity for trading pairs on CEX. Users can connect their individual CEX accounts through API to the Elixir protocol to get rewards.
Elixir describes this system as “liquidity leasing.” The system for tasks encouraging liquidity extraction will be as follows:
Select the sought after swap on the Elixir interface and verify the precise swap pair to deliver.
Add token rewards to your liquidity mining campaign and set the token issuance duration. Token rewards will be distributed to liquidity companies in proportion to their ownership of the liquidity pool.
It produces dwell trading, enabling consumers to get started delivering liquidity to trading pairs by connecting their account to Elixir through API.
Elixir’s technical architecture guarantees that rewards are only paid even though liquidity is actively supplied as a result of a centralized exchange account. If a consumer withdraws their liquidity from the exchange or disconnects the API, rewards will be suspended.
Elixir can connect immediately to exchanges, so consumers keep complete custody of their assets. API keys will be protected through secret sharing of SGX + Shamir in Relay nodes.
Components of the Elixir Protocol
Operational model of the Elixir protocol
The exchange feed includes authentication data for just about every transaction that has the function of transmitting information to it Data aggregator.
Data Aggregator collects information from many exchange feeds and combines it into a defined information frame, indications it and transmits it to validators and reviewers. This element of Elixir permits validators to act on precise information relevant to exchange feeds.
Validation network (DPoS)
Elixir’s validator network operates on a DPoS basis with a 66% consensus necessity, utilized to the Relay node. End consumers delegate their stakes to validators, and the most delegated validators get the biggest rewards.
Relay nodes hold transaction keys for person exchanges and count buy proposal frames from person validators. Once the buy proposal expires, it is passed to the auditor to confirm its accuracy. In the lengthy phrase, API keys will be protected through secret sharing of SGX + Shamir in these nodes.
Dispute Resolution (Auditor + Controller Nodes)
The dispute resolution layer (which contains the auditor, controller, and Provable.xyz infrastructure) performs to assure that the network operates truthfully and resolves any conflicts if they come up. Specifically, this degree guarantees that validators execute the market place building algorithm, with the parameters set the right way in accordance to the preliminary guidelines. Furthermore, auditors also strive to incentivize confirmers’ straightforward habits as a result of bonuses, even though punishing dishonest habits.
Provable is accountable for implementing and organizing the implementation of the method. Once completed, the final results will be produced accessible on-chain through a callback to the good contract controller.
Basic data about the ELXR token
Currently, the Elixir Protocol venture has not announced the release routine of the ELXR token. Coinlive will update you as quickly as there is even more data on the venture.
Assignment of tokens
What is the ELXR token for?
Vote on the governance proposals of the protocol.
Wallet to retailer ELXR tokens
Through two rounds of capital, Elixir acquired $9.six million from numerous traders this kind of as: Hack VC, FalconX, NGC Capital, MH Ventures,…
Investors in the Elixir Protocol venture – Source: cryptofundraising
Elixir has integrated its resolution with numerous trusted tasks this kind of as Perpetual Protocol, dYdX, Injective Labs,…
Elixir Protocol is a reasonably new decentralized market place maker in the cryptocurrency market place. This venture can deliver MM answers for each DEX and CEX exchanges. Through this posting, Coinlive hopes that you can obtain the required information about the Elixir protocol.
Note: The data in this posting should really not be thought of investment guidance. Coinlive is not accountable for any of your investment selections.