Elixir, a decentralized network focused on enhancing liquidity on orderbook exchanges, has successfully closed a Series B funding round, achieving a valuation of $800 million.

The funding round, co-led by Mysten Labs and Maelstrom, raised $8 million with participation from notable entities such as Manifold, Arthur Hayes, Amber Group, GSR, and Flowdesk.

Orderbook exchanges, known for their direct trading environment, differ from Automated Market Makers that rely on liquidity pools and mathematical models for trading. However, decentralized exchanges have encountered liquidity challenges, prompting a shift towards orderbook models.

Elixir addresses this issue by enabling liquidity provision for exchange pairs, incentivizing users in the process. The network currently supports a significant portion of liquidity on exchanges like Vertex, Bluefin, and RabbitX, and is poised to integrate with platforms such as dYdX and ApeX.

The future of exchange liquidity is being revolutionized by Elixir.

Maelstrom’s Chief Investment Officer, Arthur Hayes, expressed excitement about Elixir’s growth and its impact on orderbook liquidity on major exchanges. The project’s valuation surged from $100 million to $800 million following its Series A and Series B funding rounds, with total capital exceeding $17 million.

Elixir’s CEO, Philip Forte, unveiled the upcoming network mainnet launch and introduced the Apothecary, a feature for users to monitor contributions and engage with Elixir on social media. This development signifies a significant step towards Elixir’s vision of enhancing liquidity across Layer 1 and Layer 2 blockchain ecosystems and their associated exchanges.

β€œWe’re excited about it, it will help us pour fuel on the fire for our growth as we head into our mainnet launch,” Forte told Crypto.News when asked about the funding and the current bull market. β€œWe’re already well funded but this will allow us to accelerate developer timelines.”

For more updates on the cryptocurrency industry, visit Global Crypto News.