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Elixir, a modular blockchain project, has launched its latest product, deUSD, a synthetic USD asset designed to rival Ethena Labs' USDe. The new asset aims to challenge existing stablecoin mechanisms by offering a completely decentralized, non-custodial alternative.
The developers claim that USD remains stable through advanced arbitrage mechanisms and a cash and carry trading strategy that generates returns. It uses stETH as collateral when shorting ETH in delta-neutral positions. This approach aims to ensure stability and provide additional returns for deUSD stakers through exchange incentives to provide liquidity.
In contrast, Ethena's USDe, a well-known synthetic dollar, is based on a similar arbitrage and cash-and-carry trading strategy, but is fully collateralized and delta-hedged by cryptocurrencies. USDe's operations include centralized exchanges and custodians, although it is part of the DeFi ecosystem.
According to the developers, Elixir's deUSD stands out with its commitment to decentralization and transparency. Unlike USDe, deUSD is not tied to central organizations. Instead, it leverages open source code and verifiable proof of execution to ensure stability. Elixir also claims that deUSD can maintain its stability even during extremely negative funding scenarios and offers greater flexibility compared to its competitors.
Philip Forte, Founder and CEO of Elixir Labs, stated that the project focuses on transparency and robustness. “The network Elixir has built and stress-tested over the past two years is well-suited to powering a truly decentralized synthetic fixed asset,” Forte said.
*This is not investment advice.