Veda Powers New Elixir USD Vault on ether.fi Liquid

Veda Powers New Elixir USD Vault on ether.fi Liquid

We’re excited to announce that Veda is powering the new Elixir USD vault on Ether.Fi Liquid, bringing another 1-click yield solution to the DeFi ecosystem. This collaboration marks our 7th Veda-powered product on Liquid, and combines the strengths of Veda, Elixir, and Ether.Fi to deliver a basis trade plus DeFi yield to stablecoin holders.

What is Elixir’s deUSD?

Elixir’s deUSD is a yield-bearing synthetic dollar that offers access to a delta-neutral basis trade, collateralized by stETH and sDAI. Minted by stETH and sDAI, deposited collateral is used to short ETH, creating a delta neutral position. Through leveraging this funding rate basis trade on Ethereum, the Elixir network creates a synthetic dollar capturing positive funding rates. Even in a negative funding rate environment however, deUSD is built to be resilient.

What is the Elixir USD Vault?

The vault supports a variety of stablecoins, including USDC, deUSD, USDT, and DAI. Initially, the vault will hold sdeUSD and deUSD, while also contributing liquidity to the deUSD-sdeUSD and deUSD-USDC pairs on Uniswap. This strategy not only enhances liquidity but also supports the broader adoption of deUSD within the DeFi ecosystem. As deUSD continues to gain traction, the vault is poised to integrate new strategies and protocols, further expanding its yield potential.

Unmatched Boosts and Rewards

But there’s more to this vault than meets the eye. Users who participate will receive a maximum potion boost of 5x from Elixir. Additionally, participants will earn 3x ether.fi points and 3x Veda points, providing even more incentives for early adopters.

A Collaborative Effort

We’re absolutely thrilled to work alongside ether.fi and Elixir on this vault. Our combined efforts aim to bring stablecoin yield opportunities to a wider audience, democratizing access to yield strategies that were once the domain of sophisticated traders.