As a seasoned researcher and crypto enthusiast who has witnessed the rapid evolution of blockchain technology, I am genuinely excited about Ellipsis Labs’ latest venture, Atlas. Having closely followed the impressive growth of Solana’s decentralized exchange platform, Phoenix, it’s fascinating to see how Ellipsis is building on this success with a purpose-built blockchain designed for mainstream adoption.
Ellipsis Labs, the main developer behind the Solana-based decentralized exchange system Phoenix, has successfully raised $21 million in investment, with Haun Ventures taking the lead as the primary venture capital investor.
As per Ellipsis Labs, this funding round is intended to speed up the creation of Atlas, a reliable blockchain focused on finance verification.
Ellipsis Labs has initiated a fresh project based on a specifically designed blockchain, following the successful debut of their on-chain orderbook, Phoenix, on the Solana network.
Phoenix serves as a crucial piece of decentralized finance infrastructure that’s fueling Solana’s expansion. The financing received by Ellipsis Labs is intended to elevate Atlas, making it the bedrock for on-chain financial apps aimed at widespread user adoption.
Introduced in September 2024, Atlas is a platform specifically tailored for financial applications. It guarantees swift and dependable transaction deliveries at an affordable cost, offers quick processing times, and ensures timely oracle updates with high reliability.
As an analyst, I’d rephrase that as follows: I’ve learned from Ellipsis Labs that their blockchain is a customized version of the Solana Virtual Machine. This allows users to immediately run Solana programs, thereby taking advantage of Atlas’s strengths like high speed and low transaction costs.
At that point, Ellipsis stated that Atlas was intended to function as a second-layer blockchain, while Ethereum‘s mainnet served as the platform for finalizing transactions.
The project successfully managed to garner $21 million in funding, with this round seeing involvement from current investors such as Electric Capital and Paradigm, which are also venture capital firms.
In April 2024, Ellipsis Labs successfully completed a $20 million Series A funding, with Paradigm taking the lead. This round also saw the involvement of notable figures such as Anatoly Yakovenko from Solana Labs and Sreeram Kanaan of EigenLayer, along with several others.
Electric Capital led Ellipsis Labs’ $3.3 million seed round in August 2023.
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2024-10-31 20:34