Demex Daily: Ether.fi Launches eETH Liquid Staking Token Featuring Auto-Reinvestment on EigenLayer; Elixir Secures $7.5M in Series A Funding to Accelerate Decentralized Liquidity Provisioning and Team Expansion

What’s Interesting Today:

Ether.fi, a DeFi platform, has launched a new liquid staking token known as eETH that enables users to earn rewards by staking their ether (ETH). The staked ETH can be automatically reinvested through EigenLayer, a well-known re-staking platform. By staking ETH via Ether.fi, users will receive eETH tokens, which can further be utilized to earn extra yield in the DeFi ecosystem while retaining control of their private keys. The protocol collaborates with various platforms to increase the value and utility of eETH. The token is presently accessible on the Goerli testnet and is set to go live on the mainnet on November 6. In a prior seed funding round led by North Island VC, Ether.fi secured $5.3 million.

DeFi platform Elixir has raised $7.5 million in a Series A funding round led by Hack Venture Capital, pushing the protocol's valuation to $100 million. The round also saw participation from AngelList Ventures, NGC Ventures, and others. The newly acquired funds will be used to expand the team and speed up the development of infrastructures, including order book liquidity. Elixir's decentralized, algorithmic model focuses on transparency and allows for widespread liquidity provisioning. The protocol aims to democratize market-making and share proceeds with the token community, thereby fostering growth and sustainability. The company has plans to introduce a delegated proof-of-stake mechanism on the mainnet soon. This fundraising comes despite recent challenges in the decentralized market, like the collapse of FTX and Alameda research.