Ellipsis Labs, the pioneering force behind the esteemed on-chain Phoenix exchange, has recently secured $20m in Series A funding.
Spearheaded by Paradigm and supported by Electric Capital, this investment marks a notable endorsement of Ellipsis Labs’ ambition to revolutionise the DeFi (Decentralised Finance) sector.
At the heart of Ellipsis Labs’ mission is the creation of a new financial ecosystem, designed to marry the accessibility and transparency inherent in decentralised infrastructure with the efficiency traditionally only found in conventional markets. This bold vision is exemplified by their flagship product, Phoenix, which stands as a beacon of innovation among on-chain exchanges.
Phoenix distinguishes itself through a robust on-chain limit order book that enables professional market makers to vie for the quality of liquidity without the need for incentives. This unique approach has not only positioned Phoenix among the top five on-chain exchanges by trading volume but has also ensured its market makers remain profitable and its end users enjoy superior outcomes.
The freshly secured funding will be channelled into accelerating the development of DeFi products that aspire to rival, if not surpass, the performance metrics of their traditional financial counterparts. This initiative is part of Ellipsis Labs’ broader strategy to enhance capital efficiency, liquidity quality, and sustainability across the DeFi landscape.
“Phoenix outcompetes other on-chain exchanges in terms of capital efficiency, quality of liquidity and sustainability. We’re adapting and innovating quickly to improve even further,” Ellipsis Labs co-founder and CEO, Eugene Chen, articulated his enthusiasm for the future, bolstered by the backing of some of the most prominent names in the cryptocurrency sector.
The commitment of Ellipsis Labs to security, transparency, efficiency, and user autonomy has been crucial in propelling the development of innovative DeFi protocols like Phoenix. This ethos, combined with the extensive experience of co-founders Eugene Chen and Jarry Xiao in high-frequency trading and software engineering, positions Ellipsis Labs uniquely to navigate the complexities of developing a fast and efficient on-chain exchange.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
