Quick take:
Atlas was initially built on Ethereum but has access to both Ethereum and Solana liquidity pools.
The Ellipsis team also built the Solana-based decentralised exchange platform Pheonix.
In April, the company closed a $20 million Series A round led by Paradigm.
Ellipsis Labs, the developers of the Solana-based decentralised exchange platform Phoenix has secured a $21 million funding round, with $20 million coming from Haun Ventures and an additional $1 million from other investors, CoinDesk reported.
The company will use the capital to advance its verifiable finance blockchain project Atlas, a product purpose-built for “verifiable finance” and one that features extremely low fees and high volume fast transaction execution.
According to a statement from Haun Ventures, one key highlight is that with Atlas “high-performance financial products can rival traditional finance without sacrificing transparency, auditability or censorship resistance.”
Atlas is specifically designed to address DeFi problems like inefficient price discovery and high transaction costs, which Ellipsis believes prevents decentralised finance from competing with traditional finance systems.
Although the platform initially launched on Ethereum, it has access to both the Ethereum and Solana liquidity pools, with low-latency transaction processing, reliable oracle updates, and robust sequencing for non-custodial, on-chain price discovery among its notable features, Haun Ventures said in a statement.
According to Haun, the latest funding was a quick follow-on round to the $20 million Series A round, which closed in April. Paradigm led that round. At the time, co-founder Eugene Chen said that the team believes “there’s a path to building DeFi products that are comparable— then significantly better—than what exists on centralized venues.”
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