Elixir Protocol has closed a $7.5 million Series A fundraising round at a $100 million valuation, led by Hack VC.
DeFi protocol Elixir has closed a $7.5 million Series A fundraising round at a $100 million valuation, designed to help it improve liquidity across decentralized order book exchanges.
"Hack VC is keen to invest in new primitives pushing the space forward and are proud to have led Elixir’s Series A raise,” Hack VC Managing Partner Ed Roman said. “Exchange liquidity has always been a problem, especially for order book DEXs and token projects where capital is highly inefficient: dependent on a small handful of firms.
Elixir’s current 17-person team includes veterans from firms like Gemini, Hudson River Trading and Tokensoft.Centralized exchanges have always favored order books as the most efficient trading environment. More decentralized exchanges are now gravitating toward this model, but limited liquidity remains a challenge.
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