Ellipsis Labs Raises $20 Million in Series A Funding for DeFi Development 🔥
Ellipsis Labs, a crypto exchange developer, has secured $20 million in Series A funding, with Paradigm leading the investment round. Electric Capital also participated in the funding, along with contributions from notable figures such as Justin Drake and Mike Neuder of the Ethereum Foundation, Sreeram Kannan from EigenLayer, and Anatoly Yakovenko from Solana Labs, among others. This influx of capital will enable Ellipsis Labs to further enhance its DeFi technology stack to provide innovative solutions in the decentralized finance space.
Phoenix DEX: Revolutionizing On-Chain Order Book Decentralized Exchanges 🌐
One of the flagship products developed by Ellipsis Labs is Phoenix, a decentralized exchange (DEX) that operates on the Solana blockchain. Phoenix is designed to offer on-chain order book functionality, providing users with enhanced liquidity solutions in the DeFi ecosystem. The platform aims to combine the efficiency of traditional order books with the accessibility and transparency characteristic of decentralized finance protocols.
– Phoenix boasts $14.31 million in total value locked (TVL) and recorded $238.79 million in trading volume within the past 24 hours.
– Ranked as the eighth largest Solana-based DEX in terms of TVL, according to DeFiLlama.
– The platform offers instant trade settlements by eliminating the use of “cranks,” which simplifies asynchronous trade settlements on the Solana blockchain.
– Phoenix discloses all market events data, including placed and canceled limit orders, on-chain, enabling users to access the complete history of trading activities on the platform.
Empowering DeFi with Accessibility and Transparency 🚀
Ellipsis Labs’ mission is to enhance the decentralized finance sector by integrating the benefits of a decentralized system – transparency, accessibility, and auditability – with the liquidity and efficiency typically found in traditional financial systems. Phoenix represents just the initial phase of Ellipsis Labs’ vision to transform the financial ecosystem and drive innovation within the DeFi space.
Hot Take: Ellipsis Labs Paves the Way for DeFi Innovation 🌟
With the successful completion of its Series A funding round, Ellipsis Labs is poised to lead the charge in revolutionizing decentralized finance through its innovative solutions and commitment to transparency and accessibility. Stay tuned for more groundbreaking developments from Ellipsis Labs as they continue to shape the future of DeFi.
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