With this investment, which is led by Paradigm and backed by Electric Capital, Ellipsis Labs' goal to transform the DeFi (Decentralised Finance) industry is notably validated.

Developing a new financial ecosystem that combines the efficiency found exclusively in conventional markets with the accessibility and transparency of decentralized infrastructure is the core goal of Ellipsis Labs. Their main product, Phoenix, is a shining example of this audacious goal and a leader in innovation among on-chain exchanges.

Phoenix sets itself apart with a strong on-chain limit order book that lets experienced market makers compete for liquidity quality without requiring rewards. Phoenix is now among the top five on-chain exchanges based on trading volume thanks to this innovative strategy, which also guarantees that its market makers make money and that its end users receive better results.

The recently obtained funds will be used to expedite the creation of DeFi products, which aim to equal, if not outperform, traditional financial competitors' performance criteria. This program is a component of Ellipsis Labs' larger plan to improve sustainability, liquidity quality, and capital efficiency throughout the DeFi market.

In terms of sustainability, quality of liquidity, and capital efficiency, Phoenix outperforms rival on-chain exchanges. We're rapidly inventing and adjusting to get even better. Eugene Chen, the CEO and co-founder of Ellipsis Labs, expressed his optimism for the future while citing the support of some of the most well-known figures in the cryptocurrency industry.

Ellipsis Labs' dedication to security, openness, effectiveness, and user choice has been essential in advancing the creation of cutting-edge DeFi protocols such as Phoenix. This philosophy, together with co-founders Eugene Chen and Jarry Xiao's vast backgrounds in software engineering and high-frequency trading, puts Ellipsis Labs in a unique position to successfully negotiate the challenges of creating a quick and effective on-chain exchange.