Learn how to deposit funds to Elixir for a potential airdrop!
Elixir
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Rewards
Rewards
TBA
Past rewards
$500 $24,500
Details
Minimal cost
~$20
Time required
30 min.
Category
Mainnet
Rating
7/10
Risk
Medium
Elixir is a modular Delegated Proof of Stake (DPoS) network that improves liquidity management for decentralized exchanges (DEXs). Elixir connects different blockchains, enabling more trading pairs and increasing the liquidity for those pairs on DEXs.
Supported by tier-2 funds and angels like Arthur Hayes and BitMEX, Elixir has raised $17.6 million, showing strong investor confidence. The project features the ELX token, serving as a governance token for the ecosystem.
With nearly 60k unique depositors, Elixir potentially can offer higher rewards per user for early participants. The mainnet launch is scheduled for late summer 2024, suggesting a potential airdrop soon. To participate, you need to deposit over $500 in ETH or contribute to USDC pools, offering high yields. But you can’t withdraw funds minted as elxETH until the mainnet launch. So, your funds may be exposed to potential loss and hacking risks.
Pros & Cons
Why is it worth it?
Solid backers
The Elixir project has strong backing from well-known tier-2 funds and angels like Arthur Hayes and BitMEX. Raising $17.6 million adds credibility and trust.
Confirmed token
Elixir's documentation mentions the ELX token, which will serve as a future governance token for the ecosystem.
Small userbase
With nearly 60k unique depositors, Elixir offers higher rewards per user, a significant advantage for early participants.
Roadmap
The mainnet launch is scheduled for late summer 2024. This timeline suggests a potential airdrop in the near future, which can be an incentive to get involved now.
One time activity
You only need to deposit funds once to participate. This makes the process simple and less time-consuming, as you don't need to repeat the deposit process.
Additional yield on your funds
By depositing funds into USDC pools, you can earn a high yield of over 20% APY. This offers an attractive return on your investment, along with potential airdrop rewards.
Risks to consider
Required significant amount of funds
To participate efficiently, you need to deposit more than $500 in ETH. This requirement might be high for some users, but it increases the chances of receiving an airdrop.
Non-withdrawable funds
If you mint elxETH to farm points, your funds will be non-withdrawable until the mainnet launch, limiting liquidity.
Funds locked
You’ll need to deposit funds to participate. While USDC pools let you withdraw, staying in can maximize your airdrop share. This option also offers more flexibility than minting elxETH.
Risk of hacking
Like any crypto protocol, there's a risk of hacking and potential loss of funds.
How to participate?
Every opportunity has its own rules. Following these closely can significantly increase your chances of qualifying for rewards. Here’s a list of recommendations from our team to help maximise your chances of benefiting from this opportunity.
- Deposit ETH or USDC: You need to deposit ETH or USDC in the protocol. The more you deposit, the more points you earn. Depositing at least $500 in ETH puts you in the top 50% of users, giving you a better chance to earn more points.
- Mint elxETH: Mint elxETH with at least $100 in ETH. This is important for getting a 50% points boost. You’ll also receive a Mystic Chest with unknown rewards. Remember, you can't withdraw this ETH before the mainnet launch.
- Connect Your Socials: Connect your Twitter and Discord accounts. This step is necessary to qualify for the Mystic Chest and the points boost. It’s an easy way to increase your potential rewards.
- Deposit in USDC Pools: To keep your funds flexible, deposit the rest of your money in USDC pools. You can withdraw from these pools anytime, keeping part of your investment liquid.
- Be Active on Social Media: Engage with the project on social media. Being active can earn you extra points. Share updates, comment on posts, and join discussions to maximize your points.
- Use the Referral Program: Refer friends to the protocol using your referral link. Each new user you bring in helps you earn more points. This is a great way to boost your rewards without extra investment.