Elixir

Elixir has worked with curators to make available funds to lenders affected by Stream’s open borrow positions on lending markets. Affected lenders can now recover USDC at the following link: partnerclaims.elixir.xyz

For any issues, please open a ticket in our Discord. Please check the page as soon as possible as claims will only be available for a limited time.

Claims contracts 2 and 3 are now live. Holders of sdeUSD and deUSD unrelated to Stream can redeem USDC 1-1 here: elixir.xyz/deusd/claims

With the sunsetting of deUSD, we aim to hand the protocol to the community in the coming weeks. Validators are advised to keep an eye out for a new firmware release - all validators above the min stake/delegation threshold will continue to earn protocol emissions.

Elixir will continue exploring all legal remedies to liquidate Stream’s positions on lending markets through a repayment from Stream. We will keep the community informed of updates.

Elixir has worked tirelessly over the previous 48 hours and has successfully processed redemptions of 80% of all deUSD holders thus far (not including Stream).

As it stands now, Stream holds roughly 90% of the deUSD supply (~$75m), while Elixir holds a similar proportion of its remaining backing as a Morpho loan to Stream.

All remaining holders of deUSD and sdeUSD will be able to redeem for a dollar.

To protect the interest of these holders (and remove any risk of Stream liquidating deUSD before repaying their loan), a snapshot has been taken of all remaining deUSD and sdeUSD holder balances, and a claim page will go live later today. These parties will be able to claim USDC.

As a part of this, the mint/redeem infrastructure has been turned off, and we will be sunsetting deUSD in the near future. Any affected LPs in AMM pools or lending markets will be able to claim the full value of their position.

Given that Stream comprised of 99%+ of the lending positions (and has decided to not repay or close positions), we will work with Euler, Morpho, Compound and the curators moving forward to help distribute repayment of the Stream loan to liquidate these positions. We still believe this will be honored 1 for 1.

We will follow up to this post later today with claim page information.

During the past 24hrs we have heard concerns around Stream Finance' xUSD.

Elixir has full redemption rights at $1 with Stream for its lending position. We are the only creditor with these 1-1 rights.

deUSD remains fully backed and Elixir is beginning the process of unwinding its lending position to Stream, working with the team directly.

Join @0xphilip @Rabeel @0xrajendra + @aslan_web3 today, for an X space to discuss Stable Yield Optimization on @SuiNetwork

📅10.24
⏰11am EST | 3pm UTC

Set reminder: x.com/i/spaces/1DXxy…