PANews reported on November 1, citing CoinDesk, that the team behind the Solana ecosystem DEX Phoenix, Ellipsis Labs, has completed a new funding round of $21 million, which includes $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 trading costs, which make decentralized financial platforms struggle to compete with traditional financial systems. Ellipsis states 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; its main features will include low-latency transaction processing, reliable oracle updates, and off-chain price discovery sorting. Previously, it was reported that Ellipsis completed a $20 million Series A funding round led by Paradigm in April.
