Ellipsis Labs, the core developer of the Solana decentralized alternate platform Phoenix, has secured $21 million in funding led by venture capital agency Haun Ventures.
Per Ellipsis Labs’ the funding spherical will allow the platform to speed the come of Atlas, a verifiable finance blockchain.
The purpose-built blockchain is Ellipsis Labs’ unique venture following the winning commence of its on-chain orderbook, Phoenix, on Solana (SOL).
Phoenix is a key decentralized finance infrastructure contributing to Solana’s development. With this funding, Ellipsis Labs objectives to bring Atlas to the subsequent level by establishing it as the foundation for on-chain financial purposes focusing on mainstream adoption.
Atlas, equipped in September 2024, is designed for financial purposes requiring legitimate transaction transport, cost-effective transactions, accelerate, and real oracle updates.
In its description of the blockchain’s technical puny print, Ellipsis Labs mentioned right here is designed as a custom implementation of the Solana Digital Machine. This device customers can deploy Solana programs out-of-the-field to leverage Atlas’s benefits equivalent to high performance and low charges.
Ellipsis mentioned at the time that Atlas is known as a layer-2 blockchain, with Ethereum (ETH) mainnet as the settlement layer.
The venture’s $21 million raise attracted the participation of present merchants, including venture capital corporations Electrical Capital, and Paradigm.
In April 2024, Ellipsis Labs closed a $20 million sequence A spherical, which Paradigm led. The spherical attracted the participation of Solana Labs’ Anatoly Yakovenko and EigenLayer’s Sreeram Kanaan amongst others.
Electrical Capital led Ellipsis Labs’ $3.3 million seed spherical in August 2023.
