Ellipsis Labs Raises $20 Million in Series A Funding Led by Paradigm for DeFi Expansion
Ellipsis Labs, a prominent player in the crypto exchange sector, has secured $20 million in Series A funding, with Paradigm taking the lead in the investment round.
In a recent post on X , the company said that the the funding will enable Ellipsis Labs to further expand its decentralized finance (DeFi) technology stack.
Joining Paradigm in the investment round was Electric Capital, with additional support from notable figures 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.
Ellipsis Labs is best known as the developer behind Phoenix, a decentralized exchange (DEX) featuring an on-chain order book built on the Solana blockchain.
In August 2023, the company raised $3.3 million in seed funding, with Electric Capital leading the investment round.
Phoenix, the platform developed by Ellipsis Labs, currently boasts a total value locked (TVL) of $14.31 million and recorded a trading volume of $238.79 million in the past 24 hours, as per data from DefiLlama.
Furthermore, DefiLlama ranks Phoenix as the eighth-largest DEX on Solana based on TVL.
Phoenix aims to revolutionize trade settlements by eliminating the need for a “crank,” a mechanism that facilitates asynchronous trade settlements in blockchain ecosystems like Solana.
This enables multiple transactions to occur simultaneously without waiting for each to finalize before initiating the next.
3/ Ellipsis Labs set out 1.5 years ago to build better on-chain liquidity primitives.
Our first protocol @PhoenixTrade is a fully on-chain orderbook on Solana, pairing the efficiency of orderbooks with the accessibility and transparency of DeFi.
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