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Ellipsis Labs, the core developer of the Solana decentralized exchange platform Phoenix, has secured $21 million in funding led by venture capital firm Haun Ventures. 
<a href="https://www.ellipsislabs.xyz/blog-posts/ellipsis-labs-raises-21m-led-by-haun-ventures" target="_blank" rel="nofollow">According to Ellipsis Labs</a>’ the funding round will allow the platform to accelerate the development of Atlas, a verifiable finance blockchain. 
The purpose-built blockchain is Ellipsis Labs’ new project following the successful launch of its on-chain orderbook, Phoenix, on Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>). 
 Read more: <a rel="" href="https://crypto.news/coinbases-l2-base-welcomes-franklin-templetons-tokenized-fund/"> Coinbase’s L2 Base welcomes Franklin Templeton’s tokenized fund </a> 
Phoenix is a key decentralized finance infrastructure contributing to Solana’s growth. With this funding, Ellipsis Labs aims to bring Atlas to the next level by establishing it as the foundation for on-chain financial applications targeting mainstream adoption. 
Atlas, introduced in September 2024, is designed for financial applications requiring reliable transaction delivery, cost-effective transactions, speed, and dependable oracle updates. 
In its description of the blockchain’s technical details, Ellipsis Labs said this is designed as a custom implementation of the Solana Virtual Machine. This means users can deploy Solana programs out-of-the-box to leverage Atlas’s advantages such as high performance and low fees. 
Ellipsis said at the time that Atlas would be a layer-2 blockchain, with Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) mainnet&nbsp; as the settlement layer. 
The project’s $21 million raise attracted the participation of existing investors, including venture capital firms Electric Capital, and Paradigm. 
In April 2024, Ellipsis Labs closed a <a rel="" href="https://crypto.news/ellipsis-labs-raised-20-million-in-latest-funding-round-backed-by-paradigm/">$20 million series A round</a>, which Paradigm led. The round attracted the participation of Solana Labs’ Anatoly Yakovenko and EigenLayer’s Sreeram Kanaan among others. 
Electric Capital led Ellipsis Labs’ $3.3 million seed round in August 2023. 
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Ellipsis Labs raises $21m round led by Haun Ventures

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