As a researcher with a background in blockchain technology and decentralized finance (DeFi), I’m excited to see Fenix Finance’s recent announcement of securing a $300,000 seed investment round led by Orbs. This collaboration between Fenix and Orbs is significant as it will enable Fenix to deploy funds in platform development and introduce new products, expanding its ecosystem.
According to a recent announcement, Fenix Finance, a decentralized exchange (DEX) protocol based on the Blast network, has successfully raised $300,000 in its seed funding round.
Layer-3 protocol Orbs, which doubles as Fenix’s technology partner, led the seed funding round.
Fenix to deploy funds in platform development
The decentralized exchange tech used by Fenix on Blast results in a more economical marketplace for users, providing greater liquidity depth and subsequently stimulating broader economic expansion.
With the financial and technological backing from Orbs, Fenix Finance can launch innovative offerings and broaden its network, according to the protocol.
Fenix intends to utilize the funds gained from the recent investment round for expanding its offerings, specifically the creation of a new liquidity solution named Fenix Liquidity Hub. This Orbs L3-driven feature empowers Blast users with enhanced token swap capabilities and price execution optimization, drawing from both on-chain and off-chain sources of liquidity.
The team aims to enhance the Fenix Nest protocol feature as well. This element brings together vital Curve ecosystem elements like the vote delegate, vote enhancer, and rewards multiplier. These tools play a crucial role in driving the marketplace for Curve’s voting incentives.
Another essential aspect of the platform is bringing on new partners and expanding the depth of liquidity within the protocol.
As a researcher studying the progress of Fenix Finance, I’ve observed remarkable expansion since the Open Beta was introduced just two months ago. Our user community has blossomed to more than 5,000 strong, and the platform’s generated volume has soared past the $150 million mark.
Orbs’ technology key in DeFi market
The decentralized L3 blockchain framework of Orbs enables sophisticated on-chain trading with CeFi-equivalent execution capabilities for DeFi applications.
By effectively utilizing combined market liquidity, on-chain derivative tools, and sophisticated trading instructions, both Ethereum Virtual Machine (EVM) and non-EVM smart contracts can access enhanced capital productivity and extensive on-chain liquidity.
The L3 Corporation has put resources into various initiatives where its tech is applied, such as Thena, Symmio, IntentX, and Harris & Trotter projects.
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2024-06-27 16:50