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Ellipsis Labs Raises $20 Million in Series A Funding Led by Paradigm for DeFi Expansion

Ellipsis Labs, a prominent figure in the cryptocurrency exchange sector, has recently secured $20 million in Series A funding, with Paradigm leading the investment round. According to a recent announcement on X, this funding will empower Ellipsis Labs to further enhance its decentralized finance (DeFi) technology stack.

Joining Paradigm in this investment round is Electric Capital, along with support from notable figures including 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 is widely recognized as the creator of Phoenix, a decentralized exchange (DEX) featuring an on-chain order book constructed on the Solana blockchain. Back in August 2023, the company had raised $3.3 million in seed funding, with Electric Capital at the forefront of the investment round.

Phoenix Boasts a TVL of $14 Million

Phoenix, developed by Ellipsis Labs, currently boasts a total value locked (TVL) of $14.31 million and has recorded a trading volume of $238.79 million in the past 24 hours, according to data from DefiLlama.

DefiLlama also ranks Phoenix as the eighth-largest decentralized exchange (DEX) on Solana based on TVL.

Phoenix’s primary goal is to transform trade settlements by eliminating the need for a “crank,” a mechanism facilitating asynchronous trade settlements in blockchain ecosystems such as Solana. This capability allows multiple transactions to occur simultaneously, without the need to wait for each one to finalize before initiating the next.

Additionally, Phoenix provides users with on-chain market event data, including placed limit orders, fills, and canceled limit orders, thereby offering transparency and access to Phoenix’s complete activity history.

In a corresponding Medium post, Ellipsis Labs underscores the importance of merging the decentralized advantages of DeFi with the liquidity and efficiency found in traditional finance.

“Ellipsis Labs will leverage the new funding to expedite the advancement of DeFi, both up and down the stack.”

Paradigm Seeking to Raise $850 Million for New Fund

Reportedly, Paradigm, the primary investor in this funding round, is engaged in discussions to raise up to $850 million for a new fund. This prospective fundraising effort coincides with a recovery observed in crypto markets over recent months. If realized, it would mark Paradigm’s most substantial raise since unveiling a $2.5 billion fund in November 2021 at the zenith of the preceding bull run cycle, establishing it as the largest cryptocurrency fund at that juncture.

Paradigm’s investment portfolio comprises prominent crypto firms such as Coinbase, Blur, dYdX, Compound, and Citadel Securities.

The firm is additionally spearheading a funding round intended to raise the valuation of Merkle Manufactory, the company responsible for the social network Farcaster, to the $1 billion milestone.

It’s noteworthy that Paradigm has been instrumental in backing crypto firms embroiled in legal disputes. In February, the crypto venture capital firm submitted a legal brief in support of the prediction market platform Kalshi, which is presently engaged in a legal tussle with the Commodity Futures Trading Commission (CFTC).

Last year, Paradigm also contested the SEC’s endeavor to broaden its jurisdiction over secondary crypto markets.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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