What is Elixir Protocol (ELX)?
👋 New to this? Just start reading at the top — it begins in plain English and gets more detailed as you scroll. Jump to any level:
🟢 The simple version
Plain English — no jargon. Start here.
Elixir Protocol is a decentralised orderbook liquidity network that lets retail participants provide capital to professional market-making strategies on orderbook DEXs (dYdX, Vertex, RabbitX), with deUSD as a yield stablecoin backed by market-making spread capture.
Orderbook liquidity for retail
Professional market-making (providing bids/asks on orderbooks) requires sophisticated algorithms inaccessible to retail. Elixir connects retail capital to professional market-making strategies, deploying funds across supported orderbook venues. deUSD is Elixir's yield stablecoin backed by delta-neutral market-making positions — the yield comes from capturing bid-ask spreads rather than ETH staking or basis trading. ELX is Elixir's governance token. Is ELX legal in India? Yes. 30% tax, 1% TDS apply.
🟡 A bit more detail
For when you want to go a little deeper.
deUSD vs Ethena USDe
Both are yield stablecoins. deUSD: yield from market-making spread capture. USDe: yield from ETH basis/funding rate (delta-neutral). Different yield sources with different risk profiles. deUSD's market-making yield can be negative during extremely tight spreads or high competition periods.
🟣 The full technical picture
For the technically curious.
Key facts
- Token: ELX (governance + revenue)
- deUSD: Yield stablecoin from market-making
- Venues: dYdX, Vertex, RabbitX