Paradigm leads $20 million Series A round for Ellipsis Labs

Ellipsis Labs develops the Solana on-chain order DEX Phoenix, which is 8th largest Solana DEX in terms of TVL.

Crypto exchange developer Ellipsis Labs raised $20 million in Series A funding led by the venture firm Paradigm.

Ellipsis Labs develops Phoenix, a Solana on-chain order book decentralized exchange. "Ellipsis Labs set out 1.5 years ago to build better on-chain liquidity primitives," the firm said on the social media platform X, adding that Phoenix pairs "the efficiency of order books with the accessibility and transparency of DeFi."Phoenix DEX

Phoenix instantly settles trades by eschewing "crank." For blockchain ecosystems, especially Solana, a crank allows for asynchronous trade settlements so that numerous transactions can occur at once — forgoing the need for a transaction to be finalized for the next one to take place. Cranks provide high throughput and low latency, or the time between a transaction starting and finishing. However, cranks add complexity and less predictability to the system.

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