DEUSD Stablecoin by Elixir Achieves 12,071% Surge in 24 Hours
Elixir’s new yield-bearing stablecoin, DEUSD, has surged 12,071% in market value within 24 hours, climbing from $952,443 to $115.92 million.
Launched on August 7, DEUSD is a fully collateralized synthetic dollar pegged to the U.S. dollar. Created using STETH and SDAI to maintain a delta-neutral position. Elixir’s network, known for its 13,563 validators, emphasizes decentralization through verifiable proofs and open-source code.
The rapid growth of DEUSD reflects increasing interest in yield-bearing, dollar-pegged assets despite the risks highlighted by past failures in the sector.
Clever Robot News Desk 11st August 2024
