Ellipsis Labs Raises $20M Series A from Paradigm

Ellipsis Labs is building a world where mainstream finance happens on-chain. Ellipsis Labs is excited to announce a $20M Series A fundraise, led by Paradigm. Other participating investors include Electric Capital and over 30 industry leaders across the crypto ecosystem. Ellipsis Labs started with Phoenix, a fully on-chain orderbook DEX on Solana. Phoenix has become a top 5 DEX by spot volume across all chains, without relying on liquidity incentives or unprofitable passive liquidity. The next step for DeFi must bring the advantages of a decentralized system — accessibility, transparency, and auditability — to the liquidity and efficiency that only exists in traditional finance today. Phoenix is only the first step on the long-term path to a better financial system. Ellipsis Labs will be using the new funding to accelerate the progress of DeFi, up and down the stack.