Ellipsis Labs Raises $20M Series A from Paradigm

Ellipsis Labs is building a world where mainstream finance happens on-chain.

We are excited to announce our $20M Series A fundraise, led by Paradigm. Other participating investors include Electric Capital and over 30 industry leaders across the crypto ecosystem.

We started with Phoenix, a fully on-chain orderbook DEX on Solana. Phoenix has become a top 5 DEX by spot volume across all chains, without relying on liquidity incentives or unprofitable passive liquidity.

The next step for DeFi must bring the advantages of a decentralized system — accessibility, transparency, and auditability — to the liquidity and efficiency that only exists in traditional finance today. Phoenix is only the first step on the long-term path to a better financial system.

Ellipsis Labs will be using the new funding to accelerate the progress of DeFi, up and down the stack.

Ellipsis Labs is hiring engineers passionate about DeFi to join the team in New York City. Apply here: https://jobs.ashbyhq.com/ellipsislabs

Follow along on X: https://twitter.com/ellipsis_labs