Ellipsis Labs has secured $20 million in funding from Haun Ventures to develop Atlas, a layer-2 blockchain focused on verifiable finance. The team, known for the Solana-based decentralized exchange Phoenix, aims to address challenges in decentralized finance, such as inefficient price discovery and high transaction costs. Co-founders Eugene Chen and Jarry Xiao, with backgrounds in high-frequency trading, established the firm in 2022, leveraging their experience to create a blockchain that rivals traditional finance without sacrificing transparency. Atlas will feature ultra-low fees and high transaction throughput, initially launching on Ethereum and integrating with both Ethereum and Solana liquidity pools. The funding round also attracted an additional $1 million from other investors, enhancing their total fundraising efforts to $21 million, following a previous $20 million series A round led by Paradigm.

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