đź“° Table Of Contents
- 1 Ellipsis Labs Secures $20 Million in Series A Funding
- 1.1 Funding for DeFi Technology Stack Expansion
- 1.2 Investors in the Round
- 1.3 Phoenix DEX Development
- 1.4 Previous Funding and Achievements
- 1.5 Revolutionizing Trade Settlements
- 1.6 On-Chain Market Event Data
- 1.7 Accelerating DeFi Progress
- 1.8 Paradigm’s Fundraising and Investments
- 1.9 Legal Support and Advocacy
Ellipsis Labs Secures $20 Million in Series A Funding
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.
Funding for DeFi Technology Stack Expansion
In a recent post, the company mentioned that the funding will enable Ellipsis Labs to further expand its decentralized finance (DeFi) technology stack.
Investors in the Round
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.
Phoenix DEX Development
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.
Previous Funding and Achievements
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.
DefiLlama ranks Phoenix as the eighth-largest DEX on Solana based on TVL.
Revolutionizing Trade Settlements
Phoenix aims to revolutionize trade settlements by eliminating the need for a “crank,” enabling multiple transactions to occur simultaneously without waiting for each to finalize before initiating the next.
On-Chain Market Event Data
Phoenix provides users with on-chain market event data, including placed limit orders, fills, and canceled limit orders, offering transparency and access to Phoenix’s complete activity history.
Accelerating DeFi Progress
Ellipsis Labs emphasizes the importance of combining the decentralized benefits of DeFi with the liquidity and efficiency found in traditional finance.
“Ellipsis Labs will be using the new funding to accelerate the progress of DeFi, up and down the stack.”
Paradigm’s Fundraising and Investments
Paradigm, the leading investor in this funding round, is reportedly in discussions to raise up to $850 million for a new fund.
Paradigm’s investment portfolio includes notable crypto firms such as Coinbase, Blur, dYdX, Compound, and Citadel Securities.
The firm is also leading a funding round aimed at elevating the valuation of Merkle Manufactory to the $1 billion mark.
Legal Support and Advocacy
Paradigm has played a key role in supporting crypto firms in legal battles, including filing legal briefs in support of platforms like Kalshi and challenging regulatory expansions.