Ellipsis Labs, which operates Phoenix, a decentralized crypto exchange launched in February 2023, raised a $20M Series A led by Paradigm
to do this, sustainable markets are table stakes. I'm fortunate to work with a talented team and thoughtful investors who believe we will achieve this ambitious mission. Mert / @0xmert_ : Two of the most competent and smartest builders in all of crypto, by an order of magnitude You really don't wanna miss what they're building Defi Guy / @0xshittrader : Thrilled to announce our fundraise today, and very grateful to have such fantastic partners onboard. But it's a long road ahead and we really are just starting to cook. Join our elite, hungry team: https://jobs.ashbyhq.com/... Frankie / @frankieislost : Excited for @paradigm to support @0xShitTrader and @jarxiao as they build towards their vision for better DeFi. After getting to know Eugene and Jarry over the past few years, I can't imagine a better pair to take on the challenge of bringing finance onchain. Kevin / @dj_d_sol : This cap table can't even form a group chat because half of them have blocked each other Doug Colkitt / @0xdoug : Excited for @0xShitTrader @jarxiao and the entire Ellipsis team. Since the beginning they've been rigorously tackling the hard problems in on-chain microstructure. Very few teams in defi with this type of laser focus on the real problems. @avichal : @ellipsis_labs @paradigm $20M raised $20B in volume 🔥🔥🔥🔥🔥 [image] @ellipsis_labs : 1/ We're excited to announce our $20M Series A led by @paradigm, to further our mission of building a sustainable DeFi ecosystem. [image] Yash Agarwal / @yashhsm : For folks wondering why Phoenix (@ellipsis_labs) raised $20 million for an order book; study the Platform Thesis ↓ [image] Forums: r/CryptoCurrency : DeFi developers behind crypto exchange Phoenix close $20 million Series A round
Paradigm’s lead follows the firm’s $2.5B crypto and Web3 fund launch, making the round a continuation of specialized capital backing crypto-native platforms rather than an isolated financing event.
First-order effects
Ellipsis Labs gains $20M in Series A capital and Paradigm as lead investor, extending its capacity to build Phoenix and pursue its stated sustainable-DeFi mission.
Phoenix’s operator is better positioned to recruit and execute after a relatively recent launch, while Paradigm adds a prominent institutional backer to the company’s investor base.
Second-order effects
Other decentralized-exchange operators and infrastructure providers face a better-funded Phoenix competitor, increasing the premium on product execution and credible financing.
The round reinforces the role of specialist crypto investors in funding both DeFi platforms and adjacent tooling, as seen in Paradigm’s earlier backing of DeFi risk-assessment service Exponential.
Third-order effects
If comparable rounds continue, DeFi exchange development may concentrate among a smaller group of teams able to secure long-duration specialist capital, rather than being determined solely by open protocol availability.
The durable test is whether venture-backed exchanges can translate financing into sustainable markets; funding alone does not resolve the sector’s broader legitimacy and adoption constraints.
The trend: Specialist crypto funds are continuing to concentrate capital behind infrastructure and platform teams that aim to make decentralized markets durable enough for broader use.
Remember @PhoenixTrade? Their parent company @ellipsis_labs just raised an additional $20M - led by Paradigm - which brings their total funding to $23.3M (!) I'm generally not a fan of engaging with virtually every single tokenless perp DEX that exists (as the options are... [ima…
Jarry and Eugene are some of the highest conviction founders you'll ever meet. They leaned into solana when everyone was running away, and now they have 20B of cumulative volume to show for it. Amazing to see their momentum and excited to continue to support their journey!
One of the brightest teams in crypto solving some of the hardest onchain finance problems. MEV, fee markets, CLOBs vs AMMs, onchain price discovery, scaling DEXs... @0xShitTrader and @jarxiao are at the center of the most important conversations in Solana right now. Excited...
@0xShitTrader and @jarxiao are two of the most principled and driven builders in crypto. If anyone's going to bring mainstream finance onchain, it's them. Excited to partner with them to move DeFi forward!
very proud to support @jarxiao & @0xShitTrader 🫡 met them in late '22 and it was immediately 💯 clear they know what they're doing lesson here - you too can sneak your way into investing in the best teams if you try!
Congratulations to the @ellipsis_labs team! I chose poor and still put 1/3rd of my net worth into this because how could you not bet on @jarxiao @0xShitTrader Rahul, James, etc. Definitely follow/check them out if you're a chad developer. They're cooking on something insane.
2/ This round includes continuing support from @ElectricCapital and participation from industry leaders including @aeyakovenko, @drakefjustin, @TimBeiko, @mikeneuder, @sreeramkannan, @0xdoug, @uriklarman, @cobie, @blknoiz06, and @0xMert_. https://ellipsislabs.medium.com/ ...
The long-term vision of Ellipsis Labs is to improve global finance by an order of magnitude — to do this, sustainable markets are table stakes. I'm fortunate to work with a talented team and thoughtful investors who believe we will achieve this ambitious mission.
Thrilled to announce our fundraise today, and very grateful to have such fantastic partners onboard. But it's a long road ahead and we really are just starting to cook. Join our elite, hungry team: https://jobs.ashbyhq.com/...
Excited for @paradigm to support @0xShitTrader and @jarxiao as they build towards their vision for better DeFi. After getting to know Eugene and Jarry over the past few years, I can't imagine a better pair to take on the challenge of bringing finance onchain.
Excited for @0xShitTrader @jarxiao and the entire Ellipsis team. Since the beginning they've been rigorously tackling the hard problems in on-chain microstructure. Very few teams in defi with this type of laser focus on the real problems.