This is part of Ellipsis Labs’ mission to create a new financial ecosystem that offers competitive financial products on top of high-throughput blockchains, pairing the accessibility and transparency of decentralized infrastructure with the efficiency of traditional markets.

With hundreds of millions of dollars in daily trading volume, Ellipsis Labs’ first product, Phoenix, is one of the top five on-chain exchanges by volume across all blockchains. Phoenix has profitable market makers with no incentives. With its on-chain limit order book, Phoenix allows professional market makers to compete on quality of liquidity, resulting in better outcomes for end users.

“Phoenix outcompetes other on-chain exchanges in terms of capital efficiency, quality of liquidity and sustainability. We’re adapting and innovating quickly to improve even further,” said Ellipsis Labs co-founder and CEO Eugene Chen. “We’re thrilled to have the support of some of the most influential names in the crypto industry to help build an accessible and transparent financial system.”

Ellipsis Labs has created a culture where security, transparency, efficiency and user control are top of mind for all who use Phoenix. This commitment has allowed Ellipsis Labs to accelerate the development of innovative DeFi protocols like Phoenix while giving users the best on-chain execution.

Co-founders Eugene Chen and Jarry Xiao have experience in high-frequency trading and software engineering, which makes them uniquely positioned to overcome the challenges of creating a fast and efficient on-chain exchange. They are building out a team of engineers who can develop ambitious crypto-aligned financial products while tackling high-stakes engineering problems.