Cryptocurrency exchange developer Ellipsis Labs secured $20 million in a Series A funding round, with leading support from venture firm Paradigm. Contributors to this round included Justin Drake from the Ethereum Foundation, Mike Neuder from EigenLayer, Sreeram Kannan, Anatoly Yakovenko from Solana Labs, and Uri Klarman from bloXroute, along with Electric Capital. The funding will be used by Ellipsis Labs to further develop DeFi technology through the rollup process.

Ellipsis Labs Investment Round Completed

Ellipsis Labs is actively working on developing Phoenix, a decentralized exchange with an on-chain order book within the Solana ecosystem. The team, which initiated its work 1.5 years ago, aims to enhance on-chain liquidity principles, emphasizing the combination of order book efficiency with the accessibility and transparency of DeFi.

In a previous seed funding round in August 2023, the company managed to raise $3.3 million led by Electric Capital. Phoenix currently boasts a total locked value (TVL) of $14.31 million and has recorded a trading volume of $238.79 million within the last 24 hours. DeFiLlama's blockchain data analytics platform notes Phoenix as the eighth largest Solana DEX in terms of TVL.

Noteworthy Statements from the Team

The Phoenix team ensures all market event data such as limit orders, fills, and canceled orders are made available on-chain, offering users the ability to trace the complete history of Phoenix operations. On April 4, Ellipsis Labs made the following statement:

"The next phase for DeFi is to blend the benefits of a decentralized system—such as accessibility, transparency, and auditability—with the liquidity and efficiency traditionally associated with conventional finance. Phoenix marks just the initial stage on the journey towards a more efficient financial system."