Crypto exchange developer Ellipsis Labs secured $20M in Series A funding led by Paradigm. Electric Capital also participated. The funding will boost their DeFi tech stack and Solana-based DEX, Phoenix.
Ellipsis Labs, a developer in the crypto exchange sector, has secured $20 million in Series A funding, with Paradigm leading the investment round.on X, Electric Capital also participated in the round, which had additional support from Justin Drake and Mike Neuder of the Ethereum Foundation, Sreeram Kannan from EigenLayer, Anatoly Yakovenko from Solana Labs, Uri Klarman from bloXroute and others
Ellipsis Labs is the developer behind Phoenix, a decentralized exchange with an on-chain order book built on the Solana blockchain. The funding obtained by Ellipsis Labs will be utilized to further advance its decentralized finance technology stack.$3.3 million seed funding, with Electric Capital leading the investment round.
Phoenix, the platform developed by Ellipsis Labs, currently boasts a total value locked of $14.31 million and recorded a trading volume of $238.79 million in the last 24 hours. DefiLlama, a Web3 data tracker,Phoenix achieves trade settlements by eliminating the need for a “crank.” In blockchain ecosystems like Solana, a crank facilitates asynchronous trade settlements, enabling multiple transactions simultaneously without waiting for each to finalize before the next.
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