Decentralized Exchange Developer Ellipsis Labs Closes $20 Million Series A Led by Paradigm

Decentralized clearinghouse Ellipsis Labs has closed a $20 million Series A round of funding led by Paradigm, with participation from Electric Capital, Justin Drake and Mike Neuder of EtherFoundation Place, Sreeram Kannan of EigenLayer, Anatoly Yakovenko of Solana Labs, Uri Klarman of bloXroute, and others. Anatoly Yakovenko, bloXroute's Uri Klarman and others. Ellipsis Labs, which develops Phoenix, a Solana-based on-chain order book decentralized exchange, and is reportedly the eighth largest decentralized exchange on Solana in terms of Total Value Locked (TVL), will use the funds to continue developing its DeFi technology stack.