Gate News Bot Report: As of November 7th, according to CoinMarketCap data, DEUSD (Elixir deUSD) is currently priced at $0.41, down 58.91% over the past 24 hours. The price reached a high of $1.00 and a low of $0.40 within the same period, with a 24-hour trading volume of $56,000. The current market cap is approximately $37.4 million, a decrease of $53.6 million from yesterday.
Elixir Network is a decentralized network providing instant liquidity for institutional-grade DeFi. DEUSD is the network’s stablecoin, designed to bring institutional liquidity to real-world assets. The Elixir Network has a block time of 0.9 seconds, with a total transaction volume of 133 million transactions, processing 340 transactions per second. The network has integrated with well-known institutions such as Hamilton Lane, WisdomTree, and BlackRock, offering instant on-chain minting and redemption.
Recent significant updates regarding DEUSD:
1️⃣ Elixir Announces Termination of DEUSD Synthetic Stablecoin
Elixir Network has decided to cease operations of its synthetic stablecoin DEUSD. The project is collaborating with Stream Finance to ensure all DEUSD holders can fully redeem their assets. This decision has caused a sharp drop in DEUSD’s price and severely impacted market confidence.
2️⃣ Liquidation Incident Sparks Concerns Over Pricing Mechanism
A recent liquidation event involving over $500,000 worth of DEUSD has drawn widespread attention. The incident exposed potential vulnerabilities in DEUSD’s reliance on Chainlink’s VWAP (Volume-Weighted Average Price) pricing system, raising further doubts about DEUSD’s stability among investors.
3️⃣ Institutional Partnership Plans Falter
Previously, Securitize planned to use Elixir’s DEUSD to enhance liquidity for Hamilton Lane’s tokenized HLSCOPE fund. However, with the termination of the DEUSD project, this partnership may not proceed, posing a significant setback for Elixir Network’s prospects in institutional applications.
Both the technical and fundamental aspects of DEUSD are showing serious deterioration. The sudden project termination not only caused a price crash but could also trigger ripple effects across the synthetic stablecoin market. Investors should closely monitor redemption progress and remain cautious of related risks.
This news is not investment advice. Please be aware of market volatility when investing.
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