Ellipsis Labs, the core developer of the Solana decentralized exchange platform Phoenix, has secured $21 million in funding led by venture capital firm Haun Ventures.

Funding to Accelerate Development of Atlas Blockchain

According to Ellipsis Labs, this funding round will enable the platform to accelerate the development of Atlas, a verifiable finance blockchain. The purpose-built blockchain is Ellipsis Labs’ new project following the successful launch of its on-chain orderbook, Phoenix, on Solana.

Phoenix: A Key Player in Solana’s Growth

Phoenix is a crucial decentralized finance infrastructure contributing to Solana’s growth. With this new funding, Ellipsis Labs aims to advance Atlas, establishing it as the foundation for on-chain financial applications targeting mainstream adoption.

Introducing Atlas: A Reliable and Cost-Effective Financial Blockchain

Atlas, introduced in September 2024, is designed for financial applications requiring reliable transaction delivery, cost-effective transactions, speed, and dependable oracle updates. This new blockchain is a custom implementation of the Solana Virtual Machine, allowing users to deploy Solana programs out-of-the-box to leverage Atlas’s advantages, including high performance and low fees.

Layer-2 Blockchain with Ethereum Settlement

Ellipsis Labs has described Atlas as a layer-2 blockchain, with Ethereum mainnet serving as the settlement layer. This design aims to combine the strengths of both Solana and Ethereum for enhanced functionality and efficiency.

Investment Participation and Previous Funding Rounds

The project’s $21 million raise attracted participation from existing investors, including venture capital firms Electric Capital and Paradigm. In April 2024, Ellipsis Labs closed a $20 million Series A round, led by Paradigm. This round also saw participation from Solana Labs’ Anatoly Yakovenko and EigenLayer’s Sreeram Kanaan. Electric Capital led Ellipsis Labs’ $3.3 million seed round in August 2023.

Key Takeaways

  • Ellipsis Labs secured $21 million in funding led by Haun Ventures.
  • The funding will accelerate the development of the Atlas blockchain.
  • Phoenix continues to be a key player in Solana’s decentralized finance infrastructure.
  • Atlas aims to provide reliable, cost-effective transactions with high performance and low fees.
  • Atlas will function as a layer-2 blockchain with Ethereum mainnet as the settlement layer.
  • Previous funding rounds included notable investors like Electric Capital and Paradigm.

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