Elixir
About Elixir
Elixir
The Elixir ecosystem is a hub for NFT financialisation – powered by AMMs – facilitating:
- Instant selling
- NFT Exchanging
- Fractionalised Trading
- Borrowing/Lending
- Derivatives trading on NFTs
- Earning passive income
Ovols
The Ovols is a 10K supply PFP collection and represents the core of the Elixir Ecosystem.
Within the 10K collection exists 777 Ancients which were earned through the now completed Nectars system. The Ancients are further divided into Common (Blue), Red (Rare) and Gold (Mythic) and have their own unique benefits within the Elixir space.
$OVO
Ovostone is the currency of Elixir.
The Elixir App
The Elixir marketplace is primarily focussed on bringing liquidity into the NFT market at the floor level to make floor trading easier and more efficient.
Fractionalisation
By using Bridgesplit’s fraction pools, NFTs can be subdivided into pool tokens representing a partial ownership of the original NFT which becomes tradeable.
To display this concept visually, you can take an NFT and swap it for fractionalised units of that NFT. The initial tokens are tied to the ID of the original NFT but they can then be swapped for general tokens applicable to the collection which can then be exchanged, sold, traded etc.
This opens a lot of doors such as:
- Gradual purchasing of an NFT
- For example, you may wish to buy a DeGod but don’t have the 500 SOL to buy one outright. However, you could gradually purchase DeGod tokens, accumulating percentage ownership of a DeGod at various price points. Once you have enough tokens, you can then exchange them for a DeGod
- Partial profit taking on an NFT
- Conversely, you might have a DeGod and the floor has pumped quite significantly. You want to be able to take profit but you do not wish to sell the DeGod entirely. By fractionalising it, you can take profit on a percentage of the DeGod you own.
- Bringing more liquidity
- By allowing people to buy fractional ownership, it gives more people the opportunity to enter into the market as opposed to being completely priced out by the price of an outright NFT.
- Trade price action of an NFT without owning it entirely
- With fractionalisation, you can speculate on the where price of an NFT is headed without having to buy it outright.
The Elixir marketplace also allows for trading in on the floor. Since the marketplace functions as an AMM, you may trade an NFT you don’t like the look of for any NFT listed on the marketplace. Bear in mind that this should be done with floor NFTs only as the marketplace will not differentiate rarity.
CreatorX
In May 2023, Elixir officially launched CreatorX, a self-service NFT creation and distribution platform.
Essence
Essence is the universal points system of the Elixir ecosystem which can be earned through either staking of Ovols or engaging with Elixir.
Use Cases
At present, the chief use case for Essence is purchasing of $OVO tokens. Essence will also be incorporated into future Elixir functions as they are rolled out such market-making, listing and bidding.
With the launch of CreatorX, Elixir also announced that a portion of each mint would be purchasable via the Essence Hub.
Staking for Essence
Ovols can be staked from the Portfolio tab on the Elixir App. Bonuses on Essence rates can be acquired through:
- Duration bonuses – The longer your Ovols are staked, the higher the earn rate will be. Boosts are applied every 30 days
- Quantity bonuses – Every additional Ovol staked earns a boost.
- Purchased bonuses – Boosts can be purchased which are applied to all staked Ovols
- Bronze – 1.25x for 3 months
- Silver – 1.5x for 6 months
- Gold – 1.75x for 1 year
- Ancient Ovols
- Blue – 1.5x
- Red – 2x
- Gold – 3x
Other Ways to Earn Essence
Essence can also be earned with each transaction on the Elixir App (i.e. buying, telling and trading in).
Earn
Earn allows users to provide liquidity to Elixir’s AMM pools and earn fees on trades throughout the Elixir App. Instructions on how to utilise the system can be found here.
Launchpad and Expresspad
The Elixir Launchpad is a full KYC, Doxxed and vetted launch partner launchpad.
The Elixir Expresspad is a self-service launchpad that any product can use to host their NFT mint
A portion of proceeds earned from either pad is accounted for back to Ovols Holders.
A full overview of these products can be found here.
Mines
Currently being reworked with a new structure and layout. More information coming soon!
The Brewery
Previously used to mint the 777 Nectar NFTs, the Brewery will be rebranded into the lottery system for the Elixer ecosystem.
The Parliament
A governance protocol for holders to get involved in dictating the path forward for Elixir.
| Team Members | Role |
|---|
Swervor
- Chief Hoot
- Twitter: @TheSwervor
Truitt
- Engineering
- Twitter: @TruittLuke
Goon
- Product
- Twitter: @jpegoon
Jaidha
- Design/Engineering
- Twitter: @jaidharo
Macha
- Engineering
- Twitter: @machabhargava
Jumpman
- Engineering
- Twitter: @jumpmanjoshi
KTG
- Creative Director
- Twitter: @Kay_the_great_
Sirenia
- Lead Artist
- Twitter: @SireniaNFT
Elixir was started by several members of Bridgesplit. They recently raised $4.5M in December 2021 with backers including JumpCapital, Coinbase, Solana and Anthony Pompliano.
Initial Thoughts
When I first listened to one of the Founders, Luke, explaining the concept of fractionalisation in an interview with EasyEatsBodega, I was immediately fascinated by the potential it brings to the market, especially in terms of liquidity. The opportunity for traders to gain exposure to the price action of NFTs that would typically be out of their price range could also be a game-changer.
The team themselves have also come across as incredibly competent in every interactions I’ve seen them in, whether that be in the interview with Easy, or answering my questions directly in the Discord. They are also very honest. Prior to the Ovols mint, I was exploring the option of purchasing a Nectar but a team member was very honest with me in admitting that with the amount of time left until the Ovols mint, it was highly unlikely that I would be able to capitalise on the full benefits of the Nectars which I truly appreciated.
I would point out as well that they minted out a 10K collection at a 10 SOL mint price at the height of despair in the NFT space following the events surrounding FTX. That itself was really incredible.
The Elixir App
The marketplace itself is very intuitive with a nice, clean UI. The Earn platform presents a bit of a learning curve, especially for those who have never participated in LPs and AMMs in the past. A lot of thought and understanding of LPs and AMMs has clearly gone in to building out the systems that they are building.
Questions
The question I often ask with any project is ‘How does the NFT fit in?’
At present, Ovols are entitled to certain benefits on the marketplace like free swapping. They recently ran a series of events called Corruption which involved a flurry of great prizes being given out. That being said, I do not know if the benefits of being a holder justify the current entry cost (roughly 20 SOL at time of writing).
I absolutely love the concepts that they are bringing to the space but as someone who does not trade NFTs on a regular basis or particularly likes managing defi, I don’t know if I would be getting a return on my initial outlay.
This is often the flaw with NFTs where the utility is quantifiable in that the value is inevitably capped by the perceived return. To be fair, there is still a lot more in the works with the team constantly highlighting that Ovols are the centrepiece of what they are building so I will be eagerly watching how it unfolds.
Final Note
I must give a shout-out to Immutable Edge whose thread on Elixir was extremely helpful in my research. For a deeper dive, I encourage you to read the thread here.