Ethena will soon face competition from rival stablecoin issuers building on its novel yield-generation mechanism.
On July 31, Elixir Labs unveiled deUSD, a “synthetic U.S. dollar asset” claiming to comprise a more decentralized alternative to Ethena’s USDe. Elixir is targeting September for the deUSD's mainnet launch.
DeUSD will deploy on the Elixir network, which facilitates liquidity for decentralized orderbook exchanges. The Elixir network attracted a $300 million total value locked (TVL) since launching its Apothecary points program three months ago. Users earn points in exchange for minting elxETH, an Ether-backed token supported by several decentralized orderbook exchanges including dYdX, Vertex, and SynFutures.
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#undefined [Source: TheDefiant]