2024-04-05
Ellipsis Labs, a crypto exchange developer, has recently secured $20 million in Series A funding through a round led by Paradigm, a prominent venture firm.
The funding round also saw participation from Electric Capital, as well as notable individuals such as Justin Drake and Mike Neuder from the Ethereum Foundation, Sreeram Kannan from EigenLayer, Anatoly Yakovenko from Solana Labs, Uri Klarman from bloXroute, and others.
This injection of funds will enable Ellipsis Labs to further advance its DeFi tech stack.
One of the notable products developed by Ellipsis Labs is Phoenix, a decentralized exchange built on the Solana blockchain.
The company's mission has been to enhance on-chain liquidity primitives, and Phoenix achieves this by combining the efficiency of order books with the accessibility and transparency of DeFi. According to Ellipsis Labs, Phoenix has been designed to provide users with a seamless trading experience.
In a previous funding round held in August 2023, Ellipsis Labs raised $3.3 million in seed funding, with Electric Capital leading the way.
Currently, Phoenix boasts a total value locked (TVL) of $14.31 million and has witnessed a trading volume of $238.79 million in the past 24 hours. DeFiLlama, a web3 data tracker, ranks Phoenix as the eighth largest decentralized exchange on the Solana network in terms of TVL.
One distinguishing feature of Phoenix is its ability to settle trades instantly without the need for a "crank." In the context of blockchain ecosystems, a crank facilitates asynchronous trade settlements, allowing multiple transactions to occur simultaneously.
While cranks offer high throughput and low latency, they also introduce complexity and reduce predictability. By eliminating the need for a crank, Phoenix streamlines the trading process.
Furthermore, Phoenix stands out by providing on-chain access to all market events data, including information on limit orders placed, fills, and canceled limit orders.
This transparent approach allows users to track the complete history of Phoenix's activity.
In a statement released on Thursday, Ellipsis Labs emphasized the importance of bringing the benefits of a decentralized system, such as accessibility, transparency, and auditability, to the liquidity and efficiency currently found only in traditional finance.
The company views Phoenix as the initial step towards achieving this long-term goal of creating a more robust financial system.
