Elixir is the land's magical energy that is connected to the Sisters of Time.
Ahihud enslaved the Sisters of Time to use their magic to drain the elixir from the palace grounds. Ahihud wanted to devour all the elixir to become a god and thus immortal. When the Prince started releasing the Sisters of Time, Ahihud started to drain the elixir faster and faster, despite the elixir burning his veins.
Gallery
Elixir Bump
Elixir Storage
Ahihud Draining Elixir