Investment of $20M by Haun Ventures for Ellipsis Labs' blockchain project, Atlas, in the field of Verifiable Finance.
The Atlas blockchain project, a creation of Ellipsis Labs, is set to redefine the landscape of decentralized finance (DeFi) by addressing key inefficiencies such as poor price discovery and high transaction costs. This innovative blockchain platform, dubbed as a 'blockchain for verifiable finance,' promises to deliver a seamless blend of traditional finance performance with the transparency and security of DeFi.
Atlas, built by the team behind the successful Solana-based order book spot exchange, Phoenix, is designed to operate as a Layer 2 blockchain with a custom Solana Virtual Machine (SVM) and Ethereum for settlement. This unique combination aims to provide high throughput while ensuring secure and decentralized settlement mechanisms.
One of the primary goals of Atlas is to improve DeFi infrastructure by tackling inefficient price discovery, a common issue in DeFi DEXs. By adopting order book models and better market mechanisms, Atlas aims to provide more accurate and reliable price information, enhancing trust and efficiency.
Another significant advantage of Atlas is its potential to offer significantly reduced transaction fees. Leveraging Solana's high-performance environment and Layer 2 scaling, Atlas promises to provide a cost-effective solution compared to existing DeFi platforms, making it more appealing for small or frequent trades.
Security and correctness are paramount in the development of Atlas. The Ellipsis Labs team ensures that the code written for Atlas is well-tested, maintainable, and robust, ensuring reliable and secure financial application performance.
In April, the Series A funding round for Ellipsis Labs, led by Paradigm, raised $20 million. Haun Ventures participated in a quick follow-on round, although the exact amount invested was not specified. The raised capital will be used to advance the Atlas project.
Eugene Chen, co-founder of Ellipsis Labs, expressed optimism about the project, stating that there is a path to building DeFi products that are comparable, and even significantly better, than what exists on centralized venues. With Atlas, high-performance financial products can rival traditional finance without compromising transparency, auditability, or censorship resistance.
In essence, Atlas is focused on creating a high-performance blockchain environment tailored for transparent, efficient, and cost-effective financial applications. By addressing existing DeFi challenges, Atlas offers faster, cheaper transactions and more reliable price discovery through innovative architecture and technology choices developed by the experienced Ellipsis Labs team.
The Atlas blockchain project, developed by the team behind Phoenix, a successful Solana-based order book spot exchange, aims to create a high-performance environment for decentralized finance (DeFi) by reducing transaction costs and improving price discovery. By leveraging Solana's high-performance capabilities and Ethereum for settlement, Atlas promises to offer faster, cheaper transactions and more reliable price discovery, making it an attractive investment opportunity in the finance and technology sectors.
