Space Summary
The Twitter Space Get to know the Elixir Stable Vault hosted by ether_fi. The Elixir Stable Vault introduces a convenient solution for liquid restaking on Ethereum, offering users a secure DeFi experience with easy access to staking and cash options. With its seamless integration with Ethereum, users can confidently stake their assets while enjoying the benefits of flexibility and secure transactions. The platform’s user-friendly interface enhances the overall staking experience, making it a practical choice for individuals looking to explore DeFi opportunities within a trusted environment.
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Questions
Q: What is the primary function of the Elixir Stable Vault?
A: The Elixir Stable Vault enables liquid restaking of assets on the Ethereum network.
Q: How can users benefit from staking at Elixir’s platform?
A: Users gain access to various DeFi opportunities while staking their assets at Elixir.
Q: What makes liquid restaking different from traditional staking?
A: Liquid restaking provides flexibility by allowing users quick access to their funds when necessary.
Q: Is staking at Elixir’s platform secure?
A: Yes, the integration with Ethereum ensures a secure environment for users to stake their assets.
Q: Does Elixir Stable Vault offer a user-friendly experience?
A: Absolutely, the platform provides an intuitive interface for staking and asset management.
Highlights
Time: 00:15:42
Introduction to Elixir Stable Vault Exploring the features and benefits of the Elixir Stable Vault for Ethereum restaking.
Time: 00:25:11
DeFi Opportunities at Elixir Discovering the diverse DeFi options available to users who stake at Elixir’s platform.
Time: 00:35:28
Liquid Restaking Benefits Understanding the advantages of liquid restaking in terms of flexibility and accessibility.
Time: 00:45:17
Security Measures with Ethereum Integration Ensuring users of the secure environment provided when staking with Elixir on Ethereum.
Time: 00:55:49
User Interface Experience Explaining the user-friendly interface of Elixir Stable Vault for convenient asset management and staking.
Key Takeaways
- Elixir Stable Vault provides an efficient way to restake assets on the Ethereum network.
- Users can stake assets at Elixir’s platform and access DeFi opportunities easily.
- Liquid restaking allows for flexibility and quick access to funds when needed.
- The integration of Elixir Stable Vault with Ethereum offers users a secure environment for staking.
- The platform offers a user-friendly interface for staking and managing assets.
Behind the Mic
Initial Greeting
It. Hey, son, you there? Hello? Hello? How’s it going? Not too bad. Good. Anyway, maybe we can get started and kind of start running here and we’ll go from there. So, thanks, everyone, for joining and listening in today with the beta team and elixir team shortly. Here to talk about the elixir stable vaults. So this is one of the vaults that we have on Etherfi. It’s close to $10 million in TVL now, and the vault is powered by Veda, as always, with all of our vaults. So, anyway, I guess, sun, do you want to kind of give intro on yourself and background? We’ll go from there.
Introduction of Sun
Sure. Hey, everyone, I’m sun, co founder of Veda. Little background on Veda. What we do is build vault infrastructure and we work with great protocols like Ethereum. Oh, hello? Hello? Hello? I can hear you, sir. Oh, interesting. Okay. Because it says my speaker is. I see, like the little voice thing. Okay, let me just assume people can hear me. Okay. I’m sun, co founder of Veda. So, Veda is vault infrastructure. We work with protocols like Etherfi to offer really bespoke yield products to their users. So it’s been a really successful partnership so far. We have, like, ten different vault products, and the elixir stable vault is one of the more recent products that we’ve launched.
Technical Issues Encountered
Son, I can’t hear you. I don’t know if. I don’t know if it’s just me or Tyson. I just sent you a ping if you can hear some. But I couldn’t hear anything, son, with saying. Might be having some spaces issues. Whoever’s on the Veda account. Okay. Hey, rock, I can hear you and. I can hear some. I can’t hear you guys. But you can hear each other, so that’s good. Okay, it sounds like Tyson can’t hear you either. Okay, I don’t know what to do here. Hold one sec. Okay, so it sounds like beta came through, but not sun. I don’t know. Anyway, let’s. We’ll try one more here.
Attempting Resolution
So anyway, do you want to actually try and just drop and rejoin? See if that works? You’re kind of important to the space. I can’t hear you. Oh, I gotcha. Yeah, I got you now. Oh, there we go. Gotta love Twitter. Yeah. Love them so much. Cool.
Introduction to Veda and Elixir
So I guess maybe do you want to. I guess you might have given this background an update on things, but if you want to go again, that might be helpful. Sure. Okay. Hey, everyone, I’m son co founder of Veda. A little context about what Veda is. We build vault infrastructure and we partner with protocols like Etherfi to offer bespoke yield products to their users. So it’s been a really successful partnership. We have, like, ten different vaults at this point. And the elixir stable coin, or. Sorry. The elixir stable vault is one of our most recent products that I think we’re excited to talk about today. Awesome, thanks. Helpful.
Discussing Crypto Assets
So, yeah, so I think one of the things that we’ve kind of talked about in Etherfi that we worked on, there’s really three assets that people want to hold within crypto, and so those are stables, ethan and BTC. So more talking on the stable side of things, and, you know, what elixir is building. So, I guess one of the things that’s important is that we don’t want to make calls of what assets we think are going to be the best or whatever. We just want to kind of provide people the opportunity to get involved with products. So do you want to talk about the elixir product, and I guess why it was appealing on the beta side and why we want to move forward with the vault there? Sure.
Background on Elixir’s Products
So maybe I can start with a little bit of background on elixir and specifically what their synthetic dollar product looks like. So the broad thing that has been really impactful on the market is what Athena pioneered. And it’s not just the basis trade. There have actually been crypto products historically that have tried to do this and have been largely unsuccessful, given that most people probably haven’t heard of most of these. And the reason is that those products were limited to defi. So Defi part markets have grown, but they are still not anywhere close to as scalable as centralized exchange part markets.
Advantages of Elixir’s Approach
So what Athena did that has been highly successful is bring this exogenous yield source from centralized markets into defi as a token that people can use like any other token. So that model of, you know, it’s like, one, the asset has native yield. Two, it’s really scalable, but it’s opened up this huge design space for new, similar style of assets. And this is what elixirs DeuSD token is. It’s a synthetic dollar that is making some different trade offs and let’s say different decisions on what the best way to capture this yield is in a sustainable way. So, yeah, I think that one thing that’s made elixir really interesting is that, again, there’s just not that many on chain crypto native yield sources.
Utilizing DeFi Markets with Elixir
And so they’re taking a very unique approach to how to bring this basis trade on chain. It’s a different approach than Athena, so I think it’s been cool to work with them on that. Now, what’s the point of this vault again? Once you have this token on chain, there’s a million things you can do with it. Once you’ve brought that yield on chain, there’s these rich crypto defi markets where you have point farming. You can trade these tokens on Dexs, you can take leverage on lending protocols, and that still remains a complicated problem for users. You have this token, what do you do with it?
Elixir Stable Vault and User Access
This is largely like the problem that eitherfi liquid solves with Veda powering it under the hood, which is giving users an entry point into these ecosystems that have formed in DeFi. So the elixir stable vault is a way for users who want to get exposure to the elixir ecosystem to get very easy, one click access exposure to the broader deFi ecosystem. Nice. Awesome. Thanks. I appreciate that. Some good stuff. We got Tim from Elixir here as well. So, Tim, do you want to give an intro real quick of yourself and elixir?
Tim’s Introduction to Elixir
Hey, sorry about that. I was actually rugged by myself. I wasn’t actually on the invite, so I didn’t see it. I’m the coo at Elixir. I’ve been at Elixir for about a year and a half. Before this, I was a venture investor in the crypto space. I personally am in, I think, like 30 or so protocols across a number of ecosystems. And so what I handle here is largely kind of strategic partnerships, making sure kind of all of our is are dotted, t’s are crossed, setting up our foundation, working with our validators, et cetera, and then kind of in the process of talking to exchanges and such for our token listing, which should be coming up shortly.
Elixir’s Unique Approach
So I guess, like, the high level on elixir, as you kind of pointed out, is our goal kind of is in parallel to, I wouldn’t say parallel. It might be more perpendicular to what Athena is doing is kind of taking a more defi centric approach to thinking about synthetic dollar assets, which others would call stablecoins. But I think if you kind of think about the basis trade as a way to creating a delta neutral position without having a kind of traditional banking rails and having something that is natively yield bearing, you can think of us in a similar vein to Usde as kind of powering that trade. The core business itself is a, you can think of it kind of like uniswap before order books.
Market Dynamics in DeFi
I come from a traditional finance background where all of the exchanges, NYSE, Nasdaq, everything is effectively an order book model, whereby kind of highly efficient trading firms, HFT firms that are kind of, quoting bids and asks on a microsecond level, are providing liquidity to the market. I think historically, where DeFi has struggled is having, sophisticated, market actors that can kind of do this in the DeFi ecosystem. And partially kind of, there was kind of v one of order books, a efforts to bring all of that on chain, including quotes and cancels, which I think if you’re looking at kind of unscaled layer ones and layer twos, where you’re still kind of paying some cents on the dollar for gas to do any one of these actions, it’s just not tenable to have all of that on chain.
Hybrid DEXs and Current Operations
We’ve begun working with a number of kind of these, like, hybrid Dexs, where matching and kind of order placements are done off chain, and then settlements are done provably on chain. And that model has worked well for us. We’re currently live on five different order book dexs in that manner. And then kind of the backing of and the start of the USD is related to how we think about moving open interests and trading activity from centralized markets, like a binance or a bybit on chain, to our partner Dexs. And that will obviously happen more gradually. Like, if you think, if you look at just like general open interest in the markets today, it’s roughly call it 90% centralized, 10% decentralized exchanges. But kind of with our basis happening and starting to happen more on DeFi exchanges, we expect kind of that skew to slowly shift towards more defi.
DUSD and Network Validators Role
And our DUSD, which is our stablecoin, will be fully powered by our network validators. And so if you kind of differentiate us from a USDE, for example. Right, like, we will have a network that powers all of the basis trading, instead of having a trading team that has like 24/7 geographic coverage. So, I know I rambled a lot, but kind of went from the genesis to kind of where we are today. No, that’s really helpful. Thank you. I appreciate you walking through all that. And it’s good to hear what, as far as the protocol goes and the growth and whatnot. Like, you know, where, I guess, where’s TVL at now? What is going to next? Like three to six months look like for you? And then what do you see the role of, like, the Etherfi liquid vaults that are powered by Veda? Kind of playing in that.
Current TVL and Strategic Announcements
Yeah, so kind of. We currently have roughly 120 mil of TvL on curve between kind of USCC, USC USD and USDT. Where we’re going to. I think there’s a pretty large announcement coming, I believe, later this week, maybe early next week, on kind of a strategic partnership that we have that will bring significantly more TVL and demand for DUSD. And it’ll kind of reshape kind of how we think about rwas on chain a little bit. Not really at liberty to talk more about it, but you’ll see that in the next couple of days or so. Kind of the goal of the Etherfi beta vault is to obviously kind of ease, like lower the barrier to entry to DUSD. Right now we are live on a few different chains, but effectively, over time, kind of.
Expansion Plans for DUSD
DUSD will be proliferated across a number of l ones, l two s, in different VM languages. And I think kind of having a easier place to access the liquidity and kind of gain yields from the ecosystem is. Is kind of the goal of our partnership. Obviously, if you think about DUSD as just like a connector and a marketplace for liquidity and bringing liquidity on chain and then kind of the restaking landscape led by you guys, obviously, this is obviously a pretty synergistic partnership to have. Nice. Yeah, I think your guys growth has been really impressive and it’s been awesome to see. You know, I think one of the things that, it’s a transition that we’ve seen, and I know Veda has seen as well, and you guys too, but there’s a lot of hurdles to, like getting fully on chain that make things like a challenge, you know, but like, it seems you guys have done a really good job of kind of persevering through them.
Challenges in the Current On-Chain Ecosystem
Like, is the current on chain ecosystem set up for you guys to scale and kind of take it to the next level? I mean, the liquidity on centralized exchanges obviously is deep, and Athena’s kind of tapped into that, but I guess, are you able to scale as much on the decentralized stuff? Is stuff set up from an infra perspective? And how do you get more liquidity on chain? Yeah, I think, I mean, obviously, kind of trading open interest is still heavily skewed towards centralized exchanges just because the markets are generally more liquid. But if you kind of think about longer tailed assets where I think decentralized exchanges per Texas play a significant role.
Potential of Meme Coins and Institutional Interest
Right. Like centralized players have a little harder time because a they’re getting scrutinized by regulatory agencies, and B, their compliance teams are less willing to spin up a perp for your favorite meme coin. And so I do think that meme coins, weirdly as it sounds, have a decent place to play in terms of on chain open interest and trading volume. And then there’s the intersection of c five and defi. Right? Like, obviously, there’s more kind of institutional interest in leveraging a blockchain technology in general. I think if you kind of look towards rwas as a general asset class, like all of the large kind of fund issuers are starting to think about ways tokenize their funds, increase distribution, have kind of ownership on chain. And the large foundations of l one s and l two s are starting to kind of hold these assets.
Cross-Collaboration Between DeFi and Traditional Finance
Right. Because obviously treasury management is a thing when you’ve raised significant sums of money and have kind of foundation treasuries worth like nine to ten figures. And so that could be a potential where. A place where, like, we collaborate to kind of bridge the gap between institutional liquidity in centralized platforms and defi. Nice. Very helpful. Very helpful. I guess stun. You kind of gave your insight on the space and stuff, I guess. Any other insight to share from the veda perspective and this vault, specifically on things to expect or upcoming on it, or is what you see what you get right now?
Future Developments in DeFi
Yeah, I think right now what you see is what you get. I think as new Defi integrations and as yield comes online for elixir, I think that’s also going to be really interesting for the vault. The nice thing about these products is that they do evolve over time. This is one of the, in my opinion, the core reasons that Defi historically hasn’t been useful.
Active Engagement with Protocols
It’s like you put your money into a protocol and it’s by no means passive. You have to actively see if it’s still interesting, like what’s happening. The nice thing about these products is that they’re built to not go stale. So as new opportunities come up, the vault will automatically access those for users. So, yeah, I think we’re excited to see what’s coming next. Tim hinted at some interesting announcements that I’m going to be giving an eye out for. So, yeah, awesome.
Earning Yield with Crypto
Yeah, those announcements, those should be good announcements later as we keep our eye out on it. I think one of the things, too, is just like, what I realized is people, and Tim, you kind of mentioned this, but people want to earn yield when they’re holding something inside. It’s just one of those use cases that’s so great about. I guess crypto is like, you can just opt into these synthetic dollars, we’ll call them and earn yield, but also be able to spend pretty quickly, which I think is just a really good outcome for users and really beneficial. Very good stuff there.
Engaging with Ether Phi
So for those who don’t know, you can just go to. You can go to ether phi and you connect your wallet and click on the liquid button and you’ll see when you go there, you’ll see the elixir stable vault, and you can deposit any type of stable in there. And so it’s a good option for people. You can go check it out. I got some news is coming up this week, so. So maybe get in before the pool gets too crowded. When you do come in, sun, remind me on it. What do you get in the pool? You get is elixir potions.
Incentives and Rewards
No. Yes, I think it’s elixir potions. You get either five points, beta points, I think the major ones, but nice. So you get the potions, the beta points, and the either five points. So just a points bonanza for those that want to go in, I guess. Any closing thoughts for Tim or son before we kind of get wrapped here? I think just like if you’re thinking about dust as a product, right? Like, because we’re kind of taking the work with everybody approach to creating the synthetic dollar.
Product Ethos and Future Prospects
Like, our ethos is generally to kind of have conversations with different ecosystems, like work within their defi stack. And over time, as the USD proliferates, the basket of yield opportunities for stake, the USD holders will kind of increasingly become larger. Like, this is like, separate from the potential to earn whatever liquid rewards they are from, created from kind of the basis rates themselves. And so, like, DUSD and stake, USD will effectively become almost like an ETF of sorts for, like, defi on chain. Right.
Stable Coin Yield and Ecosystem Growth
Which is like an interesting way to, like, as you said, right? Like, hold something in, almost like a stable coin for Tim. Just drop for anyone else, or is that just me? I can hear him. I can’t. No, it’s all right. Keep going, Tim. Keep going. I’ll just watch your mic and see when you mute. Yeah, I was just saying that, like, holding or staking USD can become an interesting way to have stable coin yield, exposure to different ecosystems.
Future Directions and Closing Remarks
Right, like, and as we continue to grow outside of EVM, like robbacy, we announced fast USD with, say, we’re talking to a couple other kind of different vms. Obviously, we’re only live on mood VM with Lufen on Sui. Right. So it can kind of become an interesting, almost like, chain abstracted yield generation token for those that are interested in just holding one asset. So that’s how I generally think about the product itself, and that’s my closing remark.
Encouragement to Explore New Products
Yeah. And I’ll just wrap up on my end by encouraging people to try the products and. Yeah. Always, always looking for feedback. Sweet. Well, thanks, guys, for joining. Yeah. Like I said, go check it out. Ether fi click on liquid products. I really appreciate the elixir team and beta team for joining today. I think what elixir is doing is really amazing for the on chain ecosystem in crypto, which is, I think, the dream we’re all trying to get towards. So thanks, everyone, for joining, and we’ll talk to you soon.
Conclusion and Acknowledgements
See you. Thanks, everyone.
