November 1, 2024
Ellipsis Labs has secured $21 million in funding, with Haun Ventures at the helm of this investment in the decentralized finance sector. This investment will facilitate the launch of Atlas, a blockchain designed specifically for what the company is branding as "verifiable finance." The funding round also saw contributions from established investors including Electric Capital, Alexey Akhunov, and Paradigm.
Founded in 2022 by trading veterans Eugene Chen and Jarry Xiao, Ellipsis Labs is already making waves with its Solana-based decentralized exchange, Phoenix. Since its launch in 2023, Phoenix has facilitated $50 billion in trades, positioning itself as a formidable player in the DeFi landscape. The company's strategy is rooted in addressing persistent challenges such as inefficient price discovery and exorbitant transaction costs that often hinder the competitiveness of decentralized platforms against traditional financial systems.
Atlas will leverage the lessons learned from Phoenix, offering ultra-low transaction fees and high throughput capabilities. Initially designed as a layer-2 solution on Ethereum, Atlas will integrate with the liquidity pools of both Ethereum and Solana. Key features are set to include rapid transaction processing, reliable oracle updates, and robust sequencing aimed at facilitating non-custodial, on-chain price discovery. Haun Ventures, founded by Katie Haun, views this investment as a critical step towards fostering innovation in blockchain finance.
About Ellipsis Labs
Ellipsis Labs is transforming decentralized finance through its advanced trading technologies. The company’s flagship platform, Phoenix, allows users to trade seamlessly on the Solana blockchain. With the introduction of Atlas, Ellipsis Labs aims to create a powerful financial ecosystem that champions transparency and efficiency, making decentralized finance more accessible to users across the globe.
Website: https://www.ellipsislabs.xyz/
X: https: @ellipsis_labs
About Investor
Haun Ventures
Haun Ventures, established in 2022 by Katie Haun, is a venture capital firm located in San Francisco, California. With a focus on blockchain technology, Haun Ventures seeks to invest in pioneering companies that are shaping the future of finance and digital innovation. The firm is renowned for its commitment to transparency and its strategic approach to fostering growth within the blockchain ecosystem.
Location: Menlo Park, California
Website: https://www.haun.co/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments