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Fast take:
Atlas was initially constructed on Ethereum however has entry to each Ethereum and Solana liquidity swimming pools.
The Ellipsis crew additionally constructed the Solana-based decentralised trade platform Pheonix.
In April, the corporate closed a $20 million Sequence A spherical led by Paradigm.
Ellipsis Labs, the builders of the Solana-based decentralised trade platform Phoenix has secured a $21 million funding spherical, with $20 million coming from Haun Ventures and an extra $1 million from different traders, CoinDesk reported.
The corporate will use the capital to advance its verifiable finance blockchain mission Atlas, a product purpose-built for “verifiable finance” and one which options extraordinarily low charges and excessive quantity quick transaction execution.
In line with an announcement from Haun Ventures, one key spotlight is that with Atlas “high-performance monetary merchandise can rival conventional finance with out sacrificing transparency, auditability or censorship resistance.”
Atlas is particularly designed to deal with DeFi issues like inefficient value discovery and excessive transaction prices, which Ellipsis believes prevents decentralised finance from competing with conventional finance methods.
Though the platform initially launched on Ethereum, it has entry to each the Ethereum and Solana liquidity swimming pools, with low-latency transaction processing, dependable oracle updates, and sturdy sequencing for non-custodial, on-chain value discovery amongst its notable options, Haun Ventures mentioned in an announcement.
In line with Haun, the most recent funding was a fast follow-on spherical to the $20 million Sequence A spherical, which closed in April. Paradigm led that spherical. On the time, co-founder Eugene Chen mentioned that the crew believes “there’s a path to constructing DeFi merchandise which are comparable— then considerably higher—than what exists on centralized venues.”
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