Ellipsis Labs Raises $20M from Haun Ventures to Launch 'Verifiable Finance Blockchain' Atlas
Summary
Ellipsis Labs, creators of the Solana-based decentralized exchange Phoenix, secured $20 million from Haun Ventures to develop Atlas, a blockchain focused on "verifiable finance." Founded by Eugene Chen and Jarry Xiao, Ellipsis Labs aims to address DeFi challenges like inefficient price discovery and high transaction costs. Phoenix has facilitated over $50 billion in trades since 2023. Atlas will initially launch as a layer-2 solution on Ethereum, integrating with Ethereum and Solana liquidity pools, featuring low fees, high transaction throughput, and reliable oracle updates. The funding round totaled $21 million, including $1 million from additional investors.
