Guide on How to Earn Potions on the Elixir Network

How to Earn Potions on Elixir

You can earn potions on Elixir, a new primitive built to power liquidity across orderbook exchanges, which may allow you to earn a share of a potential ELX airdrop. You can earn potions by minting elxETH and supplying USDC, as well as by referring others or taking part in social activities.

Key Takeaways

• Elixir Network is powering liquidity across orderbook exchanges to allow users to deploy liquidity to trading pairs and decentralized exchanges to earn rewards.

• Founded by Philip Forte, the project has successfully raised more than $17 million across three funding rounds since its launch in 2022. 

• Users can now participate in the Elixir Apothecary initiative ahead of its mainnet and token launch to earn Elixir potions by interacting and contributing to the network.

The Elixir Network is a new primitive built to power liquidity across orderbook exchanges. Primitives in the blockchain space are the basic building block or foundation of cryptography whereby complex algorithms and protocols are built upon them. The functions typically associated with primitives include encryption, decryption, key exchange, and digital signature as well as security properties such as confidentiality, integrity, and authenticity. 

Elixir enables users to deploy liquidity to trading pairs and decentralized exchanges (DEXs) to earn rewards. It currently provides liquidity on exchanges like Vertex, Bluefin, and RabbitX. Featuring cross chain capabilities and composable architecture, Elixir is able to be natively integrated to orderbook DEXs in order to unlock retail liquidity for pairs while allowing exchanges and protocols to easily bootstrap liquidity to their books. It currently has more than 30 native integrations into the core infrastructure of some of crypto’s leading DEXs.

The protocol has a modular network infrastructure and validator network that follows the Delegated Proof of Stake (DPos) mechanism which requires a 66% consensus for orders placed on an exchange. End users can delegate their stake to validators with the largest pool of rewards going towards the top-staked validators.

Elixir Network was founded back in 2022 by Philip Forte, who is now CEO. Since then, he has successfully raised more than $17 million in funding from three funding rounds. The latest one was a Series B funding round co-led by Mysten Labs, Maelstrom, Manifold, and more. It concluded in March and raised $8 million, bringing the project to an $800 million valuation. These funds will be used to further develop the Elixir decentralized network.

With the launch of Elixir’s mainnet scheduled for August 2024, users will be able to access the fully decentralized network and participate in community-led governance run by ELX. The ELX token is the future native utility and governance token of the Elixir ecosystem. It will power consensus and allow holders to directly play a part in the future of the network. 

In anticipation of mainnet, Elixir has unveiled its Apothecary initiative where users can earn potions by contributing to the network. Potion generating activities include depositing to native integrations, minting elxETH, referring other users, and more. Given the opportunity to earn points on the Elixir platform ahead of its mainnet and token launch, now is a good time to get started!

Do note that while Elixir Network has confirmed the launch of its native token, ELX, there have been no official announcements from the Elixir team at the time of writing regarding a token airdrop or any qualifying criteria. Therefore, following the steps below and participating in the Elixir Apothecary initiative does not guarantee a token airdrop allocation.

Step 1: Connect to Elixir

Visit https://www.elixir.xyz/apothecary and Connect Wallet.

You can choose between an Ethereum or Sui wallet. We will be proceeding with an Ethereum wallet.

Choose which wallet you wish to connect. In this guide we will be using MetaMask.

You will also need to connect your Twitter and Discord accounts.

Select Follow under Twitter to be redirected to the authorization page. Here you can authorize the Elixir Apothecary application to access your Twitter account.

After that, select to Join the Elixir Discord server and authorize the application to open your Discord.

Join Elixir to access the verify channel.

In the verify channel, click Complete to proceed with the steps.

Read and agree to the rules and submit to be able to access the whole Elixir server.

Step 2A: Mint elxETH 

Back on the Apothecary page, you will be able to see the dashboard that has your data. Choose to Mint elxETH. 

elxETH will be a native-yield bearing token backed 1:1 with ETH that upon mainnet launch will become an omnichain Liquidity Provider (LP) token used to power orderbook liquidity. 

You will need to deposit a minimum of $100 worth of ETH. Do take note that prior to mainnet launch, elxETH contributions will be locked and can only be withdrawn once Elixir’s mainnet is live in August. 

Depositing ETH to mint elxETH will provide a 50% boost on the potions earned.

Due to fluctuations in the price of ETH, you will need to supply more than $100 worth of ETH to actually have the minimum amount. In this guide, we are supplying $112 worth of ETH in order to fulfill the requirement.

Once you have completed the transaction, you will unlock the Mystic Chest.

Step 2B: Supply USDC 

Alternatively, you can choose to Supply USDC to native integrations at the bottom of the same Mint elxETH pop up window. This is an ideal option for those who want to be able to withdraw their assets anytime or those who are keen to explore supplying liquidity on Elixir. 

Withdrawals are processed within 30 seconds of being queued by the Elixir Network. However, when the network withdraws liquidity from the exchange’s offchain sequencer, the amount of time taken for this will depend on each exchange.

You will be redirected to the new Elixir page where you need to Connect Wallet. In this guide, we will be supplying ETH<>USDC on the Arbitrum mainnet so we will be connecting our Arbitrum wallet. 

Once you have selected the market – ours is ETH<>USDC – you can input the amount to supply. Similarly to minting elxETH with ETH, you will need to put a higher amount of USDC to cover any minor fluctuations in the stablecoin. We will be supplying 110 USDC.

Confirm the transaction in your wallet.

Acknowledge the successful transaction. 

It is also important to note that rewards earned from interacting with these exchanges powered by the Elixir Network will be determined by the specific exchanges. Therefore, it might take a while before your potions reflect in the Elixir dashboard.

Step 3: Refer Others

In the Elixir dashboard, you will also find your referral link that you can share with others. Each successful referral will earn you 10% of the referred user’s potions.

Step 4: Participate in Social Activities

Elixir also rewards users who participate in social activities, referred to as rituals, with additional potions. These are biweekly events and challenges usually involving the user's social accounts. For example, at the time of writing, ritual six is specifically for Twitter accounts.

To be updated on the latest ritual, head over to the rituals channel on the Elixir Discord server.

Conclusion

The Elixir Network is a new primitive that is powering liquidity across orderbook exchanges so that users can deploy liquidity and earn rewards. In anticipation of its mainnet and token launch, users can contribute to the Elixir network and earn Elixir potions.