Ellipsis Labs, a prominent developer in the crypto exchange sector, has successfully raised $20 million in Series A funding, with Paradigm leading the investment round.
Electric Capital and notable figures such as Justin Drake and Mike Neuder from the Ethereum Foundation, Sreeram Kannan from EigenLayer, Anatoly Yakovenko from Solana Labs, and Uri Klarman from bloXroute also participated in the funding round.
Ellipsis Labs is recognized for its flagship product, Phoenix, a decentralized exchange (DEX) with an on-chain order book built on the Solana blockchain.
The funding will be allocated towards enhancing its decentralized finance (DeFi) technology stack.
In August 2023, Ellipsis Labs secured $3.3 million in seed funding, with Electric Capital leading the investment round.
Phoenix currently boasts a TVL of $14.31 million and recorded a trading volume of $238.79 million in the last 24 hours, ranking as the eighth-largest DEX on Solana according to DefiLlama.
Phoenix facilitates trade settlements without the need for a “crank,” enabling asynchronous trade settlements on the Solana blockchain.
It provides comprehensive on-chain market event data, enhancing transparency and accessibility for users.
Paradigm, the leading investor in this funding round, is reportedly in talks to raise between $750 million and $850 million for a new fund.
This potential raise would mark Paradigm’s largest fund since its $2.5 billion fund announcement in November 2021.
Paradigm’s diverse portfolio includes major crypto firms like Coinbase, Blur, dYdX, Compound, and Citadel Securities.
Ellipsis Labs’ successful funding round underscores growing investor interest in DeFi projects, while Paradigm’s ongoing fundraising efforts reflect the broader bullish sentiment in the crypto market.
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