Decentralized exchange developer Ellipsis Labs completes $20 million Series A financing, led by Paradigm

Ellipsis Labs, a decentralized exchange developer, has completed a $20 million Series A financing round, led by Paradigm, with participation from Electric Capital, Justin Drake and Mike Neuder of the Ethereum Foundation, Sreeram Kannan of EigenLayer, Anatoly Yakovenko of Solana Labs, and Uri Klarman of bloXroute. It is reported that Ellipsis Labs has developed Phoenix, a decentralized exchange based on Solana's on-chain order book, which is the eighth largest decentralized exchange on Solana in terms of total locked value (TVL). Ellipsis Labs will use these funds to continue developing its DeFi technology stack.