BlockBeats News, November 7th, the DeFi liquidity protocol Elixir announced that in the past 48 hours, it has successfully processed redemptions for 80% of deUSD holders to date (excluding Stream). Currently, Stream holds approximately 90% of the deUSD supply (around $75 million), while a similar proportion of the remaining assets held by Elixir is in the form of a Morpho loan to Stream. All remaining deUSD and sdeUSD holders will be able to redeem at a pegged value of one US dollar.
To protect the interests of holders and eliminate any risk of Stream liquidating deUSD before repaying the loan, Elixir has snapshot all remaining deUSD and sdeUSD holder balances and will launch a claiming page later today, where these holders will be able to claim USDC. As part of this process, the mint/redeem infrastructure has been disabled, and deUSD will be gradually phased out in the near future. Any affected LP in AMM pools or lending markets will be able to claim the full value of their positions.
Given that Stream holds over 99% of the lending positions (and has decided not to repay or close positions), Elixir will collaborate with Euler, Morpho, Compound, and others to facilitate the repayment allocation for Stream loans to liquidate these positions. It is still believed that redemptions will be honored at a 1:1 ratio, with information on the claiming page to be provided later today.
