Ellipsis Labs are the core developers behind the on-chain Phoenix exchange.
In brief:
- Led by Paradigm with participation from Electric Capital, the funding will accelerate Ellipsis Labs’ efforts to build DeFi products that can rival the performance of traditional finance.
- With hundreds of millions of dollars in daily trading volume, Ellipsis Labs’ first product, Phoenix, is one of the top five on-chain exchanges by volume across all blockchains.
- Co-founders Eugene Chen and Jarry Xiao have experience in high-frequency trading and software engineering, which makes them uniquely positioned to overcome the challenges of creating a fast and efficient on-chain exchange.
What does this mean?
“Phoenix outcompetes other on-chain exchanges in terms of capital efficiency, quality of liquidity and sustainability. We’re adapting and innovating quickly to improve even further,” said Ellipsis Labs co-founder and CEO Eugene Chen. “We’re thrilled to have the support of some of the most influential names in the crypto industry to help build an accessible and transparent financial system.”
