About the coin

deUSD, known as the decentralized US Dollar, is a synthetic dollar that is fully collateralized and powered by the Elixir Network. It is minted using stETH and sDAI, and the deposited collateral is utilized to short ETH, thereby creating a delta neutral position. This innovative approach allows deUSD to function as a stable and reliable synthetic currency within the cryptocurrency ecosystem.

Main features

The primary feature of deUSD is its ability to leverage the funding rate basis trade on Ethereum. By doing so, the Elixir network can create a synthetic dollar that captures positive funding rates. This mechanism ensures that deUSD remains stable and valuable, even in fluctuating market conditions. The design of deUSD is such that it remains resilient even in a negative funding rate environment, providing users with a dependable synthetic dollar option.

How it works

deUSD operates by utilizing stETH and sDAI as collateral to mint the synthetic dollar. The collateral is then used to short ETH, which creates a delta neutral position. This strategy allows deUSD to maintain its value and stability, making it an attractive option for users seeking a synthetic dollar that can withstand various market conditions. The Elixir network's approach to capturing positive funding rates further enhances the value proposition of deUSD, ensuring its resilience and reliability.