According to Foresight News, Ellipsis Labs, the developer of the DeFi protocol Phoenix on Solana, has successfully completed a Series A funding round, raising $20 million. The funding round was led by Paradigm, with participation from Electric Capital.
The funds raised will be used to further the development and expansion of the Phoenix protocol on the Solana platform. This investment signifies a significant milestone for Ellipsis Labs, demonstrating the confidence of investors in the potential of the Phoenix protocol and the Solana platform.
Details about the specific use of the funds or the terms of the investment were not disclosed. The involvement of Paradigm and Electric Capital, however, indicates a strong backing for Ellipsis Labs and its future endeavors. The successful funding round also underscores the growing interest and investment in the DeFi sector.