Ethereum

Cryptocurrency

Ellipsis

Phoenix

<p>Cryptocurrency developer Ellipsis Labs has finalized a Series A funding round, securing $20 million. According to its <a href="https://twitter.com/ellipsis_labs/status/1775893415466848720" rel="noopener noreferrer nofollow" target="_blank">post</a> on X (formerly Twitter), the investment round was led by Paradigm with additional support from Electric Capital. Other participants include Ethereum Foundation’s Justin Drake and Mike Neuder, Solana co-founder Anatoly Yakovenko, EigenLayer’s Sreeram Kannan, and a few others.</p>
<h2 class="wp-block-heading" id="ellipsis-labs-secures-20-million-for-defi-advancements">Ellipsis Labs secures $20 million for DeFi advancements</h2>
<p>Ellipsis Labs is the brain behind the Phoenix decentralized protocol that has its order book built on the Solana blockchain. In its statement, Ellipsis mentioned that the funding will aid in the advancement of its decentralized finance (DeFi) technology stack.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">1/ We're excited to announce our $20M Series A led by <a href="https://twitter.com/paradigm?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">@paradigm</a>, to further our mission of building a sustainable DeFi ecosystem. <a href="https://t.co/ahtWEZWX8H" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/ahtWEZWX8H</a></p>— Ellipsis Labs (@ellipsis_labs) <a href="https://twitter.com/ellipsis_labs/status/1775893411037577482?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">April 4, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Before this funding round, the developer finalized a <a href="https://ellipsislabs.medium.com/ellipsis-labs-raises-a-3-3m-seed-round-led-by-electric-capital-46831e593ca4" rel="noopener noreferrer nofollow" target="_blank">funding round</a> led by Electric Capital in 2023, netting an investment of $3.3 million. Ellipsis Labs’ DeFi protocol Phoenix presently has a total value locked (TVL) of $14.31 million, boasting about $238 million in trading volume in the last 24 hours. According to DefiLlama <a href="https://defillama.com/protocol/phoenix?tvl=false&amp;volume=true&amp;groupBy=weekly" rel="noopener noreferrer nofollow" target="_blank">data</a>, Phoenix currently ranks in 8th position among decentralized exchanges on Solana. Phoenix has been able to achieve much success due to impressive services in the DeFi space.</p>
<h2 class="wp-block-heading" id="phoenix-s-success-and-future-plans">Phoenix’s success and future plans</h2>
<p>Decentralized exchange Phoenix allows users to settle their trades by removing their need for a crank. In some blockchains, a crank is needed to carry out several trade settlements at the same time, allowing multiple transactions without the need to wait for one to finish before the next. Aside from that, the protocol also provides several on-chain market data features, paving the way for users to access the exchange’s activity history.</p>
<p>Ellipsis Labs has been <a href="https://ellipsislabs.medium.com/ellipsis-labs-raises-20m-series-a-from-paradigm-22bb8295a494" rel="noopener noreferrer nofollow" target="_blank">emphasizing</a> on the need to combine the benefits of the decentralized finance sector with the liquidity and efficiency in the traditional finance industry. On its own, Paradigm is in talks to raise about $850 million for a new fund. Paradigm is looking to raise this fund after the impressive recovery of the crypto market.</p>
<p>If the firm succeeds in raising the funds, this will be its largest raise since November 2021, when it raised $2.5 billion during the peak of the bull run cycle. Paradigm is also involved in helping the parent company of Farcaster, Merkle Manufactory in a new funding round push its valuation close to $1 billion.</p>

Ellipsis Labs secures $20 million in Series A funding

Table of Contents

Cryptopolitan_News

Other articles published on Apr 5, 2024

Bitcoin ETF Approval Could Be on the Horizon as Institutional Investors Make Moves

Bhutan’s DHI to offset halving effects with Bitcoin mining upgrade

Binance Wallet and BTC L2 project BEVM launch an exclusive airdrop (5 Apr)

Monochrome Pioneers Australia’s Maiden Spot Bitcoin ETF Launch

Bitcoin Cash (BCH) Experiences Volatility As Second Halving Occurs

How Do Recent Price Changes Affect Crypto Gambling?

Join our free newsletter for daily crypto updates!