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Cryptocurrency exchange developer Ellipsis Labs has raised $20 million in a Series A funding round led by venture firm Paradigm. Justin Drake from the Ethereum Foundation, Mike Neuder from EigenLayer, Sreeram Kannan, Anatoly Yakovenko from Solana Labs, and Uri Klarman from bloXroute supported the round, with Electric Capital also participating. Ellipsis Labs will use the funds to continue developing the rollup process for DeFi technology.
Ellipsis Labs Investment Round Completed
Ellipsis Labs is developing Phoenix, a decentralized exchange with an on-chain order book in the Solana ecosystem. The team announced via social media platform X that Ellipsis Labs started 1.5 years ago to create better on-chain liquidity principles and added that Phoenix combines the efficiency of order books with the accessibility and transparency of DeFi.
The company had previously raised $3.3 million in a seed round led by Electric Capital in August 2023. Phoenix has a total locked value (TVL) of $14.31 million and has seen a trading volume of $238.79 million in the last 24 hours. According to blockchain data analytics platform DeFiLlama, it is the eighth largest Solana DEX in terms of TVL.
Blockchain ecosystems, especially Solana, allow for crank asynchronous trade agreements, enabling a large number of transactions to occur simultaneously. This step eliminates the need for one transaction to be finalized before the next can occur. Cranks provide high efficiency and low latency, or the time it takes for a transaction to start and finish. However, cranks add complexity and less predictability to the system.
Noteworthy Statements from the Team
Phoenix team provides all market event data on-chain, such as limit orders, fills, and canceled limit orders, allowing users to view the entire history of Phoenix’s operations. On April 4, Ellipsis Labs made the following statement:
“The next step for DeFi should bring the advantages of a decentralized system—accessibility, transparency, and auditable processes—together with the liquidity and efficiency currently only available in traditional finance. Phoenix is just the first step on the long road to a better financial system.”
