PANews reported on November 1 that according to CoinDesk, Ellipsis Labs, the team behind Solana Ecosystem DEX Phoenix, has completed a new round of financing of US$21 million, including US$20 million from Haun Ventures and US$1 million from other investors, to accelerate the launch of Atlas, a Layer2 blockchain focused on verifiable finance.

Ellipsis aims to solve key problems in DeFi, such as inefficient price discovery and high transaction costs, which make it difficult for decentralized financial platforms to compete with traditional financial systems. Ellipsis said it plans to apply the experience of building Phoenix to Atlas, which was originally launched as a Layer 2 solution on Ethereum and is designed to access the liquidity pools of Ethereum and Solana; main features will include low-latency transaction processing, reliable oracle updates, and sorting of non-custodial on-chain price discovery. Earlier news , Ellipsis completed a $20 million Series A financing led by Paradigm in April.