Ellipsis Labs Secures $21M to Launch ‘Atlas’: The Verifiable Finance Blockchain

• Ellipsis Labs raises $20 million from Haun Ventures and an additional $1 million from other investors to accelerate the launch of Atlas, a layer-2 blockchain focused on verifiable finance.
• The same developer team built Phoenix, a Solana-based decentralized exchange.
• Ellipses closed a $20 million series A round in April, led by Paradigm.

Ellipsis Labs, the team behind the Solana-based decentralized exchange Phoenix, has raised $21 million from Haun Ventures to launch Atlas, a new blockchain designed specifically for “verifiable finance.” Founded by Eugene Chen and Jarry Xiao, former high-frequency trading professionals, Ellipsis Labs launched in 2022 with a mission to create high-performance financial products that combine the benefits of traditional finance with the transparency, auditability, and censorship resistance of decentralized finance (DeFi).

With Phoenix, their order book-style exchange on Solana, Ellipsis has already processed over $50 billion in trades since its 2023 debut, addressing DeFi challenges like inefficient price discovery and high transaction costs. They plan to leverage insights from Phoenix to build Atlas—a blockchain designed for ultra-low fees and high transaction throughput.

Atlas will launch as a layer-2 solution on Ethereum, with connections to both Ethereum and Solana liquidity pools. The network aims to feature fast transaction processing, reliable oracle updates, and robust sequencing for secure, on-chain price discovery. Haun Ventures, founded in 2022 by former prosecutor and Coinbase executive Katie Haun, led the $21 million funding round, with a $20 million contribution complemented by an additional $1 million from other investors. This follows Ellipsis Labs’ recent $20 million Series A round in April, led by Paradigm.