Ellipsis Labs aims to build a transparent, efficient and secure financial ecosystem with the Atlas blockchain layer-2.
Ellipsis Labs raises $21 million to develop the Atlas blockchain
After successfully raising $20 million in Series A funding led by the "giant" Paradigm in 04/2024, the development team of the Phoenix DEX platform on Solana, Ellipsis Labs, has just announced the raising of an additional $21 million in the latest funding round led by Haun Ventures, with the participation of other investment funds such as Electric Capital and Paradigm.
1/ We're excited to announce our $21M fundraise led by @HaunVentures to accelerate the development of verifiable finance.
— Ellipsis Labs (@ellipsis_labs) October 31, 2024
This round includes continuing support from our previous investors @ElectricCapital, @aeyakovenko, and @paradigm. pic.twitter.com/i8r4H0QkFB
The new capital will be used by Ellipsis Labs to develop Atlas, a layer-2 blockchain aimed at "transparent finance", built to address bottlenecks in scalability, cost and transaction speed in DeFi.
Although Ellipsis Labs defines Atlas as a layer-2 on Ethereum, Atlas integrates the Arm Virtual Machine of Solana. This unique combination has allowed Atlas to seamlessly connect to multiple liquidity pools of both Ethereum and Solana giants. In addition, applications on Solana can easily migrate to Atlas and take advantage of the benefits of this layer-2 solution, such as:
- Low-latency on-chain orderbook with rapid updates, allowing market makers to provide competitive liquidation, improving the user experience.
- Ensuring that oracle data is always up-to-date, regardless of market conditions, making the collateralization system more reliable during periods of high market volatility.
- Low latency and instant transaction verification help high-frequency traders (HFT) capitalize on trading opportunities as soon as they arise.
Currently, Atlas is in the private testnet phase, attracting the interest of many partners in the DeFi ecosystem. With its great potential, Atlas is expected to become one of the leading layer-2 blockchains, contributing to shaping the future of the DeFi market.
Compiled by Coin68
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