Led by Electric Capital, Ellipsis Labs’ $3.3M seed round also saw contributions from Robot Ventures and Anagram.
Notable angels in this investment round “include Anatoly Yakovenko, CEO of Solana Labs, Marc Boiron, CEO of Polygon Labs, and Keone Hon, CEO of Monad Labs.”
Ellipsis Labs notes in a blog post that it is bolstering development in the Solana ecosystem
The fundraise allows Ellipsis Labs “to accelerate the development of innovative DeFi protocols like Phoenix.”
Phoenix is described as “the first atomically settled limit orderbook on Solana.” To date, over $250M in spot volume “has been traded through Phoenix, all without external incentives.”
Ellipsis Labs’ contributions to the Solana ecosystem also “include Solana Verified Builds, a tool that verifies the source code of on-chain Solana programs.”
As mentioned in the announcement, Ellipsis Labs explains that it “builds sustainable and efficient DeFi protocols on high-throughput decentralized infrastructure.” Ellipsis Labs’ flagship protocol “is Phoenix, a fully on-chain, decentralized limit orderbook on Solana.”
As explained by the developers, Phoenix is the first limit order book DEX “that is fully on-chain, non-custodial, atomically composable, and crankless.”
The team announced, earlier this year, Phoenix’s beta launch, “the open-sourcing of the Phoenix program, and Phoenix’s bug bounty initiative.”
Phoenix is live (beta) today on Solana mainnet.
Traders can access Phoenix liquidity through Jupiter Exchange.
When Phoenix is offering the best on-chain prices, Jupiter will “automatically route trades through Phoenix.”
As noted by the project’s development team:
“Phoenix delivers the smoothest on-chain market making experience, empowering market makers to serve the best prices to on-chain flow. Integrating with Phoenix should feel familiar to market makers who trade on centralized exchanges. Market makers will be whitelisted while Phoenix is still in beta—please reach out via DM if you are interested in market making on Phoenix. Market making will be permissionless when Phoenix exits the beta stage.”