Powering instant liquidity for the institutional onchain economy.
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Elixir has worked with curators to make available funds to lenders affected by Stream’s open borrow positions on lending markets. Affected lenders can now recover USDC at the following link: partnerclaims.elixir.xyz
For any issues, please open a ticket in our Discord. Please check the page as soon as possible as claims will only be available for a limited time.
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Claims contracts 2 and 3 are now live. Holders of sdeUSD and deUSD unrelated to Stream can redeem USDC 1-1 here: elixir.xyz/deusd/claims
With the sunsetting of deUSD, we aim to hand the protocol to the community in the coming weeks. Validators are advised to keep an eye out for a new firmware release - all validators above the min stake/delegation threshold will continue to earn protocol emissions.
Elixir will continue exploring all legal remedies to liquidate Stream’s positions on lending markets through a repayment from Stream. We will keep the community informed of updates.
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The claim page is now live, access it via the link here: elixir.xyz/deusd/claims/
Only use this official claim link. Any other links are scams.
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To clarify the above, we’re effectuating USDC claims for any deUSD or sdeUSD holders, which for the purpose of this communication includes LPs who supplied sdeUSD/deUSD collateral on lend/borrow platforms, AMM LPs, Pendle LPs, etc.
deUSD holds no value and the stablecoin has been sunset. Please do not buy or make investments into deUSD, including through AMMs
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Elixir has worked tirelessly over the previous 48 hours and has successfully processed redemptions of 80% of all deUSD holders thus far (not including Stream).
As it stands now, Stream holds roughly 90% of the deUSD supply (~$75m), while Elixir holds a similar proportion of its remaining backing as a Morpho loan to Stream.
All remaining holders of deUSD and sdeUSD will be able to redeem for a dollar.
To protect the interest of these holders (and remove any risk of Stream liquidating deUSD before repaying their loan), a snapshot has been taken of all remaining deUSD and sdeUSD holder balances, and a claim page will go live later today. These parties will be able to claim USDC.
As a part of this, the mint/redeem infrastructure has been turned off, and we will be sunsetting deUSD in the near future. Any affected LPs in AMM pools or lending markets will be able to claim the full value of their position.
Given that Stream comprised of 99%+ of the lending positions (and has decided to not repay or close positions), we will work with Euler, Morpho, Compound and the curators moving forward to help distribute repayment of the Stream loan to liquidate these positions. We still believe this will be honored 1 for 1.
We will follow up to this post later today with claim page information.
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During the past 24hrs we have heard concerns around Stream Finance' xUSD.
Elixir has full redemption rights at $1 with Stream for its lending position. We are the only creditor with these 1-1 rights.
deUSD remains fully backed and Elixir is beginning the process of unwinding its lending position to Stream, working with the team directly.
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Join @0xphilip @Rabeel @0xrajendra + @aslan_web3 today, for an X space to discuss Stable Yield Optimization on @SuiNetwork
📅10.24
⏰11am EST | 3pm UTC
Set reminder: nitter.net/i/spaces/1DXxyWLLovZGM
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@suilendprotocol - sdeUSD is also live on Sui's largest lend/borrow application
Access deep borrow liquidity and earn yield when lending:
suilend.fi/?asset=sdeUSD&len…
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@navi_protocol - lending and borrowing markets are also available for sdeUSD on Navi, which boasts $500M+ tvl
Lend smarter, earn more:
app.naviprotocol.io/
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@AlphaFiSUI - sdeUSD lending is now available on one of Sui's biggest yield optimizers
This includes leveraged yield farming vaults, enabling looping LP tokens to maximize capital efficiency
alphalend.xyz/
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@bluefinapp 🐟 - deUSD is now live on one of Sui's largest AMMs
Deposit to create incentivized LP positions, while earning a 3x Potion boost:
trade.bluefin.io/lend
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Elixir is now live on @SuiNetwork
This marks a significant milestone in our mission to provide institution-friendly stable assets on every chain. Powered by @LayerZero_Core
Check out deUSD's new integrations with four of Sui’s premiere DeFi applications ⤵️
LayerZero is live on @SuiNetwork, making the sub-second chain accessible to over 600 apps and $80 billion in tokens, including:
▪ @BitGo's WBTC
▪ @elixir's deUSD
▪ @OndoFinance's USDY
Sui is fast, private, secure.
And now connected to all of crypto.
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