SUMMARY
The decentralized exchange Phoenix on Solana was developed by Ellipsis Labs, which has raised $21 million in a fundraising round headed by Haun Ventures. The money will go toward building Atlas, a new blockchain that will facilitate safe, effective financial applications. The goal of Atlas, which was developed with support for Solana Virtual Machines and Ethereum’s Layer-2 settlement, is to lay the foundation for the next wave of decentralized banking by combining fast transactions with strong security.
Funding to Advance Blockchain Capabilities
Ellipsis Labs, known for its decentralized exchange platform Phoenix on Solana, has secured $21 million in a recent funding round. Key investors like Electric Capital and Paradigm contributed to this round, which was led by Haun Ventures. The development of Atlas, a blockchain tailored to meet the unique requirements of financial applications, will be fueled by this financing.
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Atlas: A Blockchain with Financial Focus
Atlas is engineered as a finance-focused blockchain, optimized for applications requiring efficient transaction processing, low costs, and timely data updates. Launched in September 2024, Atlas aims to enhance the functionality of on-chain finance and attract mainstream users by providing essential tools for decentralized financial applications.
Solana Compatibility with Ethereum’s Security
Atlas integrates Solana Virtual Machine compatibility, allowing Solana-based apps to function on its platform. As a Layer-2 solution on Ethereum, Atlas gains access to Ethereum’s settlement layer security as well. With this combination, Solana’s speed and Ethereum’s dependability are intended to be perfect for financial transactions.
Proven Success with Phoenix on Solana
Ellipsis Labs made a significant impact with Phoenix, an on-chain orderbook that has contributed to the growth of Solana’s decentralized finance (DeFi) ecosystem. Based on this achievement, Atlas puts Ellipsis Labs in a position to grow its role in DeFi and attract both individual users and institutions. The financing round demonstrates the investors’ faith in the company’s prospects.
Steady Support from Top Blockchain Investors
The $21 million round adds to Ellipsis Labs’ previous investments, with backers like Paradigm, which led a $20 million Series A in April 2024, and Electric Capital, which led a $3.3 million seed round in 2023. Strong faith in the potential of Ellipsis Labs’ Atlas vision is shown in the continued interest from investors.
Paving the Future for On-Chain Finance
Ellipsis Labs envisions Atlas as a catalyst for redefining blockchain-based financial services by offering an efficient platform for decentralized applications. The latest funding will support this vision, addressing issues around performance and accessibility that have limited blockchain finance.
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