Guide on How to Earn Potions on the Elixir Network

The article titled “Guide on How to Earn Potions on the Elixir Network” provides a comprehensive overview of the Elixir Network and its innovative approach to enhancing liquidity across orderbook exchanges. Founded by Philip Forte in 2022, Elixir Network has successfully raised over $17 million in funding and is set to launch its mainnet by August 2024. Users can earn potions, which may lead to potential ELX airdrops, by engaging in several activities such as minting elxETH, supplying USDC, referring others, and participating in social activities. The guide meticulously details each step, from connecting wallets and social accounts to specific actions required for earning potions, thereby enabling users to effectively contribute to and benefit from the Elixir Network. Have you ever wondered how to earn potions on the Elixir Network? This guide provides a comprehensive blueprint on how you can earn rewards by getting involved with this groundbreaking platform.

Guide on How to Earn Potions on the Elixir Network

The Elixir Network stands as a new primitive built to power liquidity across orderbook exchanges. Here lies an opportunity for both novice and seasoned crypto enthusiasts to engage with the network and potentially earn a share of a prospective ELX airdrop. Potions on Elixir can be earned through minting elxETH, supplying USDC, referring others, and participating in various social activities.

Key Takeaways

• Elixir Network’s Role: This network powers liquidity across orderbook exchanges, enabling users to deploy liquidity to trading pairs and decentralized exchanges (DEXs) to earn rewards.
• Founding and Funding: Philip Forte founded the project in 2022, raising over $17 million across three funding rounds by March 2023.
• Community Participation: Users can partake in the Elixir Apothecary initiative to earn potions by contributing to the network ahead of its mainnet and token launch.

The Elixir Network is heralded as a groundbreaking primitive in the blockchain space. In blockchain, primitives are essential building blocks that form the foundation of cryptography. These include functions like encryption, decryption, key exchange, and digital signatures, which ensure security properties like confidentiality, integrity, and authenticity.

The Elixir Network enables users to deploy liquidity to trading pairs and DEXs, currently supporting platforms like Vertex, Bluefin, and RabbitX. This network features cross-chain capabilities and a composable architecture, allowing seamless integration with orderbook DEXs to natively unlock retail liquidity and bootstrap liquidity for exchanges and protocols. With over 30 native integrations, Elixir is tightly woven into the core infrastructure of leading crypto DEXs.

It boasts a modular network infrastructure and a validator network adhering to the Delegated Proof of Stake (DPos) mechanism, requiring a 66% consensus for placing orders. End users can delegate their stake to validators, with the largest pool of rewards allocated to top-staked validators.

Founding and Development

Founded in 2022 by Philip Forte, Elixir Network has rapidly ascended, securing more than $17 million through multiple funding rounds. The most recent Series B funding round culminated in March, co-led by Mysten Labs, Maelstrom, and Manifold, raising $8 million and bringing the project’s valuation to $800 million. These funds aim to further hone the Elixir decentralized network.

With the mainnet launch slated for August 2024, users can look forward to accessing a fully decentralized network and participating in community-led governance via the ELX token. The ELX token, Elixir’s native utility and governance token, will power consensus and enable holders to actively contribute to the network’s evolution.

Earning Potions Through Elixir Apothecary

In anticipation of the mainnet, Elixir introduced its Apothecary initiative, where users earn potions by contributing to the network. Activities include minting elxETH, depositing to native integrations, referring users, and engaging in social activities. Below, we delve into the step-by-step process of earning potions.

Step 1: Connect to Elixir

First, you need to connect your wallet to the Elixir platform:

1. Visit the Apothecary Page: Navigate to Elixir Apothecary and select ‘Connect Wallet.’
2. Choose Your Wallet: Select between an Ethereum or Sui wallet. For this guide, we’ll proceed with an Ethereum wallet and use MetaMask.

Once connected, you also need to link your Twitter and Discord accounts:

1. Authorize Twitter: Click Follow under Twitter to redirect to the authorization page and allow Elixir Apothecary application access to your account.
2. Join Elixir Discord: Select Join to enter the Elixir Discord server and authorize the application. Follow the verification steps to access the full server.

Step 2A: Mint elxETH

Minting elxETH is a primary way to earn potions:

1. Mint elxETH: On the Apothecary dashboard, select Mint elxETH. This native-yield bearing token mirrors Ethereum at a 1:1 ratio and will power orderbook liquidity upon the mainnet launch.
2. Deposit ETH: A minimum of $100 worth of ETH is required. Deposits will be locked until the mainnet launch in August. To hedge against ETH price fluctuations, consider depositing a higher amount (e.g., $112 worth of ETH).

Minting elxETH provides a 50% boost on potions earned. Completing the transaction unlocks the Mystic Chest, a reward for your contribution.

Step 2B: Supply USDC

Supplying USDC to native integrations is another potion-earning method:

1. Connect Wallet: Select Supply USDC at the bottom of the elxETH minting window. You’ll be redirected to a new page where you need to connect your wallet again. This guide demonstrates using the Arbitrum mainnet.
2. Supply USDC: Choose the market (e.g., ETH/USDC) and supply an amount slightly higher than $100 to account for any minor price fluctuations. Confirm the transaction via your wallet.

Rewards from these interactions might take time to reflect on your dashboard, as they are contingent on the specific exchanges powered by the Elixir Network.

Step 3: Refer Others

The Elixir dashboard provides a unique referral link:

1. Share Referral Link: Share your referral link with others. Each successful referral earns you 10% of the referred user’s potions. This can significantly increase your potion tally over time.

Step 4: Participate in Social Activities

Engage in social activities, often termed ‘rituals’:

1. Engage in Rituals: Rituals are biweekly events and challenges involving your social accounts. For instance, at the time of writing, one of the rituals focuses on Twitter activities.
2. Stay Updated: Join the Elixir Discord server and follow the updates in the rituals channel. Active participation in these events can boost your potion earnings.

Conclusion

The Elixir Network stands as a revolutionary primitive, channeling liquidity across orderbook exchanges, allowing users to deploy liquidity and earn rewards. By participating in the Elixir Apothecary initiative, users can start earning potions ahead of the mainnet and token launch.

To recap, connecting your wallet, minting elxETH, supplying USDC, referring others, and taking part in social activities are effective ways to earn potions on the Elixir Network. As Elixir marches towards its mainnet launch, these early contributions can be both rewarding and a step into the future of decentralized finance.

While the anticipation of a potential token airdrop adds an exciting layer, it’s crucial to approach it with the understanding that there are no immediate guarantees. The real reward lies in being a part of the evolving ecosystem that aims to redefine liquidity solutions within the cryptosphere.