17 October 2024
Elixir Expansion: deUSD Expands to Sei with Hyperlane
Elixir is expanding its deUSD synthetic dollar to Sei Network with Hyperlane. Users can now bridge deUSD to Sei for the equivalent “fastUSD.” With Hyperlane, Elixir now has a scalable path to supporting even more chains with deUSD.
Try it out now: bridge.elixir.xyz
What is Elixir and deUSD
Elixir is a modular network built to power liquidity on orderbook exchanges.
deUSD (“decentralized US Dollar”) is a fully collateralized synthetic dollar powered by the Elixir Network. deUSD is minted by stETH and sDAI, which are deposited collateral assets, which will be used to by the protocol to short ETH, creating a delta neutral position. This will serve as the preferred collateral of orderbook liquidity across Elixir-integrated exchanges.
New: Elixir on Sei
Elixir is using Hyperlane to bring deUSD to more chains, starting with Sei Network.
- With Warp Routes, Elixir users are now able to transfer deUSD to Sei.
- The deUSD ticker changes to fastUSD once bridged to Sei (and back to deUSD outside Sei).
- Uses Superbridge for the bridge UI.
deUSD<>fastUSD improves the DeFi landscape on Sei, instantly becoming one of the largest synthetic dollars/stablecoins available on Sei.
Faster deUSD Expansion with Hyperlane
With permissionless deployments and multi-VM support, Hyperlane uniquely enables Elixir and deUSD to scale to even more blockchains and rollups.
Hyperlane currently supports 60+ chains (90+ if including testnets) and VMs such as EVM, SVM, Starknet VM, and CosmWasm, with more on the way. The open-source approach of Hyperlane enables external teams to adapt Hyperlane for new VMs as they come out, as seen with SVM and Starknet VM.
The ease of deploying Warp Routes, the token bridge application on Hyperlane, also enables anyone to launch token bridges in just 2 CLI commands. In this case, Elixir core contributors can extend deUSD to any chain efficiently without needing to depend on anyone else.
What’s Next?
Elixir Everywhere. Expect more chains supported for deUSD soon, connected by Hyperlane.
Bridge deUSD now: bridge.elixir.xyz
More about Hyperlane
Hyperlane is the open interoperability framework. It empowers developers to connect anywhere onchain and build applications that can easily and securely communicate between multiple blockchains. Importantly, Hyperlane is fully open-source and always permissionless to build with.
