FAQ

How often do I receive rewards?

For deUSD stakers, liquid rewards are accruing and can be claimable by the stakers at any time.

For exchange LPs, reward epochs are determined by the exchanges building products powered by the Elixir Network. Usually, these rewards are claimable weekly. While Elixir powers liquidity in the backend, the native exchange features themselves are fully owned and hosted by exchanges themselves.

What is the difference between staked deUSD and unstaked deUSD?

deUSD can be staked to allow for holders to receive the dollar's native yield. This APY can only be accessed by staking, which also provides a 2x potion boost (and has a 7 day withdraw cooldown). Staking deUSD is ideal for users who want to earn liquid yield accrued in deUSD. Alternatively, users holding unstaked deUSD can tap into higher potion multipliers (up to 10x) by interacting with various integrations.

How do I take deUSD cross-chain?

Users can navigate to bridge.elixir.xyz to access the various bridging routes that take deUSD to ecosystems outside of Ethereum. In some cases, these bridging routes will output alternative assets (e.g. Sei launched fastUSD, their chain's native stablecoin which is wrapped deUSD). These assets are backed 1:1 by deUSD.

Where do the native yields for deUSD come from?

deUSD generates native yield from both an the Ethereum funding trade which uses wstETH collateral to short ETH perps, providing a 1:1 delta-neutral position; and treasury-backed collateral (MakerDAO sUSDS). Users can monitor the backing composition of deUSD here: dashboard.elixir.xyz

Is deUSD and the Elixir Protocol audited?

Yes, audits can be found here: Elixir Audits

Do cross-chain implementations of deUSD (i.e. Sei's fastUSD) earn the same rewards?

Yes, cross-chain implementations of deUSD also earn from the same potion reward pool. These can be found in the Integration Rewards section.

These implementations may also include additional rewards by the external ecosystems.

How can we get more deeply involved in the Elixir Network?

Outside of supplying liquidity to Elixir-powered exchanges and using deUSD across the DeFi landscape, users can help secure the network by running a validator, or by delegating their tokens to a validator. Helping secure the network also provides staking rewards for users.

Can I redeem deUSD's underlying backing?

At the moment only whitelabeled market makers are able to mint and redeem deUSD for its underlying collateral. However, the introduction of permissionless mints and redemptions early next year will enable this functionality for all users.

What is deUSD backed by?

deUSD is currently backed by both an the Ethereum funding trade (using wstETH collateral to short ETH perps), providing a 1:1 delta neutral position, and treasuries via MakerDAO's sUSDS. deUSD is overcollateralized, meaning that its total underlying backing collateral exceeds the total value of existing deUSD.

Users can monitor deUSD's backing onchain at anytime here: dashboard.elixir.xyz

What does the "OCF" do?

deUSD's Over-Collateralization Fund (or "OCF" for short) is an "expense coverage" fund covering any cost of moving deUSD's backing into treasuries. Since MakerDAO enables 1:1 USDT conversions to DAI, this generally is near 0, and it's mostly used to determine when to move larger portions of the backing into US treasuries via sUSDS.

As an example, in a period of prolonged negative funding (where the negative funding offsets the treasury yield for a sustained period of time), the OCF would decline, causing more of the deUSD backing to move into treasuries.