Decentralized exchange developer ELLIPSIS LABS has completed a $20 million Series A financing round, led by PARADIGM. Other participants include ELECTRIC CAPITAL, JUSTIN DRAKE and MIKE NEUDER from the Ethereum Foundation, SREERAM KANNAN from EIGENLAYER, ANATOLY YAKOVENKO from SOLANA LABS, URI KLARMAN from BLOXROUTE, and others. ELLIPSIS LABS' decentralized exchange, PHOENIX, built on the SOLANA blockchain, is the eighth largest decentralized exchange on SOLANA. The funds will be used to further develop its DEFI technology stack.

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Odaily Planet Daily News: Decentralized exchange developer Ellipsis Labs has completed a $20 million Series A financing round, with Paradigm leading the investment. Other participants include Electric Capital, Justin Drake and Mike Neuder from the Ethereum Foundation, Sreeram Kannan from EigenLayer, Anatoly Yakovenko from Solana Labs, and Uri Klarman from bloXroute. Ellipsis Labs has developed Phoenix, a decentralized exchange on Solana based on an on-chain order book. It is currently the eighth largest decentralized exchange on Solana in terms of total locked value (TVL). Ellipsis Labs will use these funds to further develop its DeFi technology stack.

Ellipsis Labs has completed a Series A financing round of 20 million US dollars, led by Paradigm.