PANews November 1 news, according to CoinDesk, the team behind the Solana ecosystem DEX Phoenix, Ellipsis Labs, has completed a new round of financing totaling $21 million, including $20 million raised from Haun Ventures and $1 million from other investors, to accelerate the launch of the Layer2 blockchain Atlas focused on verifiable finance.
Ellipsis aims to address key issues in DeFi, such as inefficient price discovery and high transaction costs, which make it difficult for decentralized finance platforms to compete with traditional financial systems. Ellipsis stated that it plans to apply the experience gained from building Phoenix to Atlas, which was initially launched as a Layer2 solution on Ethereum, designed to access liquidity pools from both Ethereum and Solana; key features will include low-latency transaction processing, reliable oracle updates, and non-custodial on-chain price discovery ranking. Previously, it was reported that Ellipsis completed a $20 million Series A financing led by Paradigm in April.
