ELX Crypto Surges Over 60% Ahead of Bithumb Listing – What is ELX?

Elixir (ELX) is the native token of the Elixir Network, a decentralized liquidity platform designed to address liquidity gaps on orderbook exchanges. The project was launched in October 2024, with the vision of improving trading efficiency by offering a modular system that facilitates liquidity in decentralized finance (DeFi) ecosystems. ELX serves both as a governance token and a utility token within the Elixir ecosystem. This means that holders of ELX tokens can participate in the governance of the network, voting on proposals and changes that impact the future of the platform. Additionally, ELX is used in staking to contribute to the network’s security and decentralization, earning rewards for those who participate.

One of the key features of the Elixir network is its validator program, which allows participants to stake their tokens and help maintain the integrity and security of the network. In return, they receive rewards for their contributions. This program is an essential aspect of Elixir’s decentralized nature, ensuring that no single entity has control over the network’s operation. By allowing the community to take part in securing the network, Elixir fosters trust and transparency, two fundamental aspects of decentralized finance.

A notable aspect of Elixir’s ecosystem is the deUSD stablecoin. This stablecoin is fully collateralized and yield-bearing, designed to offer a synthetic dollar that is backed by real-world assets. The deUSD stablecoin is a crucial component of Elixir’s broader goal to facilitate the tokenization of real-world assets, bringing institutional capital into the decentralized finance space. It provides an on-ramp for traditional financial institutions, such as BlackRock, Hamilton Lane, and Apollo, to engage with DeFi platforms and contribute to the broader financial ecosystem.

In March 2025, Elixir raised $8 million in funding, with the round co-led by Mysten Labs and Maelstrom, along with backing from several prominent investors. This influx of capital is helping to propel Elixir forward, enabling the team to continue developing its platform and expanding its reach. The funding highlights the project’s potential, as it has attracted the attention of both retail and institutional investors, signaling a strong belief in its future success.

A significant recent development for Elixir was its listing on the Bithumb exchange in March 2025, which had a major impact on the price of ELX. Prior to the listing, ELX surged by over 60%, reaching an all-time high of $0.726. This rally in price was fueled by increased interest in the token following the announcement of its addition to the Korean Won market on Bithumb, one of South Korea’s largest cryptocurrency exchanges. Along with the Bithumb listing, ELX also saw significant gains in trading volume, which increased by 154% compared to the previous day. The token’s growing popularity can also be attributed to listings on other major exchanges such as Kraken, Bitget, Bybit, and CoinW on March 7, 2025.

Before the official listing on Bithumb, ELX had its Token Generation Event (TGE) on March 6, 2025, which marked a significant milestone for the project. The TGE established a total supply of 1 billion ELX tokens, which helped set the foundation for the token’s distribution and circulation. This event was an important step in building the tokenomics of the Elixir network and ensuring that the ecosystem had the proper structure in place to support future growth.

The Bithumb listing also included certain restrictions, such as a 5-minute trading freeze during which buyers were not allowed to place orders. Sell orders were restricted to be within a -10% to +100% range of the base price, and automated trading only began after the first transaction was processed. These measures were put in place to prevent extreme volatility and to ensure a smoother launch on the exchange.

Looking ahead, Elixir’s future appears promising. The platform’s ability to integrate real-world assets into DeFi, combined with its modular liquidity network, positions it to become a key player in the decentralized financial ecosystem. The involvement of major institutional investors, combined with its ongoing efforts to expand its ecosystem and bring on more exchanges, suggests that the Elixir network could see continued growth and adoption in the coming years.

Elixir’s strategic partnerships with institutions, along with the recent exchange listings and strong market performance, indicate a strong foundation for the project’s future success. The ongoing development of deUSD and other aspects of the network, such as the validator program, further contribute to its long-term potential. If these efforts continue, Elixir could play a pivotal role in the future of decentralized finance, helping to bridge the gap between traditional finance and the blockchain-based financial ecosystem.