Ellipsis Labs, a prominent player in the crypto exchange sector, has recently secured $20 million in Series A funding, with Paradigm leading the investment round. This substantial investment is set to propel Ellipsis Labs towards further expansion of its decentralized finance (DeFi) technology stack, marking a significant milestone in its growth trajectory.
Joining Paradigm in this investment round is Electric Capital, underscoring the industry’s confidence in Ellipsis Labs’ innovative approach to DeFi. 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 have also shown their support for the company’s vision.
Ellipsis Labs is renowned for its development of Phoenix, a decentralized exchange (DEX) featuring an on-chain order book built on the Solana blockchain. This innovative platform has garnered attention for its efficient and transparent trading capabilities, contributing to the company’s growing reputation in the crypto ecosystem.
In a recent post on X, Ellipsis Labs’ successful seed funding round in August 2023, during which it raised $3.3 million with Electric Capital at the helm. With this infusion of capital and support from leading investors and industry experts, Ellipsis Labs is poised to continue its trajectory of innovation and growth in the dynamic landscape of decentralized finance.
Phoenix proudly showcases a Total Value Locked (TVL) of $14 million.
According to data from DefiLlama, Phoenix, the platform developed by Ellipsis Labs, currently holds a total value locked (TVL) of $14.31 million and has recorded a trading volume of $238.79 million in the past 24 hours. Additionally, DefiLlama ranks Phoenix as the eighth-largest decentralized exchange (DEX) on Solana based on TVL.
Phoenix is committed to transforming trade settlements by eliminating the need for a “crank,” a mechanism that facilitates asynchronous trade settlements in blockchain ecosystems like Solana. This innovative approach allows multiple transactions to occur simultaneously, eliminating the need to wait for each transaction to finalize before initiating the next one.
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.
— Ellipsis Labs (@ellipsis_labs) April 4, 2024
Furthermore, Phoenix offers users access to comprehensive on-chain market event data, encompassing placed limit orders, fills, and canceled limit orders. This transparency provides users with insight into Phoenix’s complete activity history, empowering them to make informed decisions and optimize their trading strategies effectively.
In a complementary Medium post, Ellipsis Labs underscores the significance of amalgamating the decentralized advantages of DeFi with the liquidity and efficiency inherent in traditional finance. The company emphasizes its commitment to bridging these two realms, aiming to create a seamless and robust financial ecosystem that combines the best elements of both worlds.
With the infusion of new funding, Ellipsis Labs is poised to accelerate the advancement of DeFi across all layers of the stack. This strategic investment will enable the company to bolster its research and development efforts, enhance its technological infrastructure, and expand its product offerings. By leveraging this funding effectively, Ellipsis Labs aims to drive innovation in the DeFi space and unlock new opportunities for users and stakeholders alike.
Paradigm Aims to Secure $850 Million for Its Latest Fundraising Initiative.
Paradigm, a prominent investor in the cryptocurrency space, is reportedly in talks to raise a substantial amount of capital, with the potential to reach up to $850 million for a new fund. This development coincides with the recent resurgence observed in crypto markets, reflecting growing investor confidence in digital assets.
If successfully executed, this fundraising effort would mark Paradigm’s largest capital raise since its announcement of a $2.5 billion fund in November 2021, which notably occurred during the peak of the previous bull run cycle. At the time of its announcement, this fund stood as the largest cryptocurrency fund in the industry.
Paradigm boasts an impressive investment portfolio that includes leading crypto firms such as Coinbase, Blur, dYdX, Compound, and Citadel Securities. Notably, the firm is spearheading a funding round aimed at propelling the valuation of Merkle Manufactory, the company behind the social network Farcaster, to the coveted $1 billion mark.
Furthermore, Paradigm has been actively involved in supporting crypto firms in legal battles, showcasing its commitment to advancing the industry’s interests. In February, the crypto VC firm filed a legal brief in support of Kalshi, a prediction market platform embroiled in a legal dispute with the Commodity Futures Trading Commission (CFTC). Additionally, Paradigm has challenged the SEC’s efforts to expand its jurisdiction over crypto secondary markets, underscoring its advocacy for regulatory clarity and fair treatment within the cryptocurrency ecosystem.
