Ellipsis Labs, the developers behind the Solana-based decentralized exchange platform Phoenix, have secured a $21 million funding round. This round includes $20 million from Haun Ventures and an additional $1 million from other investors, as reported by CoinDesk.

The capital will be used to advance their verifiable finance blockchain project, Atlas. Initially built on Ethereum, Atlas now accesses both Ethereum and Solana liquidity pools. It aims to address DeFi issues such as inefficient price discovery and high transaction costs, featuring low fees and high-volume fast transaction execution.

Haun Ventures highlighted that Atlas enables high-performance financial products that can rival traditional finance without sacrificing transparency, auditability, or censorship resistance.