Ellipsis Labs Raises $21M to Develop Atlas Blockchain

GhSo...taPv

10 Nov 2024

Ellipsis Labs aims to build a transparent, efficient, and secure financial ecosystem with the Atlas layer-2 blockchain.

After successfully raising a $20M Series A led by Paradigm in April 2024, the team behind the Solana-based Phoenix DEX, Ellipsis Labs, has just announced raising an additional $21M in its latest funding round led by Haun Ventures, with participation from 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.

This round includes continuing support from our previous investors @ElectricCapital, @aeyakovenko, and @paradigm. pic.twitter.com/i8r4H0QkFB

— Ellipsis Labs (@ellipsis_labs) October 31, 2024

The new capital will be used by Ellipsis Labs to develop Atlas, a layer-2 blockchain for “transparent finance,” built to solve the scalability, cost, and transaction speed bottlenecks in DeFi.

While Ellipsis Labs defines Atlas as a layer-2 on Ethereum, Atlas integrates Solana’s SVM. This unique combination has allowed Atlas to seamlessly connect to multiple liquidity pools from both Ethereum and Solana. In addition, applications on Solana can easily migrate to Atlas and take advantage of the advantages of this layer-2 solution such as:

On-chain orderbooks with low latency and fast updates help market makers provide competitive liquidity, improving user experience.

Ensuring that oracle data is always updated in a timely manner, regardless of market conditions, helps the escrow system operate more reliably during periods of high market volatility.

Low latency and instant transaction validation help high-frequency traders (HFTs) take advantage of trading opportunities as they arise.

Currently, Atlas is in its private testnet phase, attracting the attention 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.