Ellipsis Labs

What Ellipsis Labs does

Ellipsis Labs is a New York-based financial technology company founded in 2022 that builds high-performance decentralized finance (DeFi) infrastructure on the Solana blockchain. Its flagship product is Phoenix, the first atomically settled limit orderbook DEX on Solana, which has processed over $75 billion in cumulative spot trading volume and ranks among the top five DEXs by spot volume across all chains without relying on liquidity incentives. The product portfolio has expanded to include Phoenix Perps (perpetual futures trading in private beta as of December 2025), Phoenix Legacy (the original spot exchange transitioned to legacy status), Atlas (a Layer 2 blockchain built on a custom Solana Virtual Machine implementation that settles to Ethereum mainnet), Gavel (a token distribution and liquidity bootstrapping platform), Plasma (an audited sandwich-resistant AMM reference implementation), and SolFi (a proprietary AMM system responsible for hundreds of billions in cumulative volume). The company also contributes ecosystem tooling including Solana Verified Builds and open research via Umbra Research.

The business model is primarily transaction-fee based, generated through trading activity on Phoenix spot and Phoenix Perps, with no publicly disclosed fee schedule. Distribution is product-led and self-serve: the platforms are accessible globally via web interfaces (phoenix.trade, legacy.phoenix.trade, gavel.xyz) with no KYC requirements, targeting crypto traders, DeFi users, blockchain developers, and token issuing teams. Customer segments are horizontal rather than enterprise-anchored. Revenue economics are differentiated by an unincentivized market design — Phoenix achieved $50 billion+ in trading volume without external liquidity subsidies, implying more sustainable unit economics than typical DeFi venues that depend on token emissions.

Ellipsis Labs has raised approximately $43.3 million across three rounds (a $3.3M seed in August 2023 led by Electric Capital, a $20M Series A in April 2024 led by Paradigm, and a $21M round in October 2024 led by Haun Ventures), with participation from Robot Ventures, Anagram, and notable individual investors including Anatoly Yakovenko (Solana Labs CEO), Marc Boiron (Polygon Labs CEO), and Keone Hon (Monad Labs CEO). The team is small (approximately 10-15 people) and based in-person in New York City. The company explicitly states it is profitable and well-positioned, a notable claim in an industry where most protocols operate at a loss funded by emissions.

Name

Ellipsis Labs

Legal name

Ellipsis Labs

Website

https://ellipsislabs.xyz

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Ellipsis Labs builds high-performance decentralized finance infrastructure on Solana, including the Phoenix on-chain orderbook DEX (spot and perpetual futures), Atlas Layer 2 blockchain, and Gavel token distribution platform. It serves crypto traders, DeFi users, blockchain developers, and token issuing teams globally.

Ownership category

akta.pro rank

Product category

Decentralized Exchange (DeFi)

NAICS

Securities and Commodity Exchanges (52321), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Liquidity Management & Market-Making Protocols (FSADAMAH)

akta.pro secondary industries

Derivatives, Perpetuals & Options Protocols (FSADAMAC), Liquidity Provision & Market Making Protocols (AMMs, concentrated liquidity, LP tooling) (FSAPAEAF), DAO Treasury, Governance & On-Chain Finance Tools (FSADAMAL)

Keywords

• Decentralized exchange
• Perpetual futures trading
• On-chain orderbook
• Automated market maker
• Blockchain infrastructure

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Phoenix Trading Fees (Spot): Phoenix Legacy generates revenue through trading fees on the fully on-chain orderbook DEX. The platform has processed over $75 billion in volume and reduced realized slippage for large trades.
2. Phoenix Perps Trading Fees: Phoenix Perps generates revenue through trading fees on perpetual futures contracts. The platform combines proprietary AMM-style innovations with professional exchange features.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Ellipsis Labs builds decentralized finance (DeFi) infrastructure on Solana. Its flagship product, Phoenix, is a fully on-chain limit orderbook decentralized exchange (DEX) that pairs the capital efficiency of traditional-finance orderbooks with the verifiability of DeFi. The platform has been expanded with Phoenix Perps for perpetual futures and is complemented by SolFi (proprietary AMM), Gavel (token distribution and liquidity bootstrapping), Plasma (sandwich-resistant AMM reference implementation), and Atlas (a Layer 2 blockchain purpose-built for verifiable finance).

Product overview

Ellipsis Labs builds a portfolio of DeFi applications and infrastructure. The flagship product is Phoenix, a fully on-chain orderbook decentralized exchange on Solana, now expanded to include Phoenix Perps (perpetual futures) and Phoenix Legacy (original spot exchange). The company is developing Atlas, a Layer 2 blockchain purpose-built for verifiable finance that combines Solana's performance with Ethereum's security. Additional products include Gavel (token distribution and liquidity bootstrapping), Plasma (sandwich-resistant AMM reference implementation), SolFi (proprietary AMM system), and Solana Verified Builds (code verification tool). The company also contributes to Umbra Research for open-source DeFi research.

Differentiator

Problem solved

Functional benefit

Brands

• Phoenix: Leading on-chain orderbook decentralized exchange on Solana, processing over $75 billion in volume. Includes Phoenix Legacy (spot exchange) and Phoenix Perps (perpetual futures).
• Atlas
• Gavel
• Plasma
• SolFi

Products and services

• Phoenix Legacy Fully on-chain decentralized spot exchange on Solana featuring a limit orderbook that pairs the capital-efficient orderbook model from traditional finance with DeFi verifiability. Has processed over $75 billion in spot volume.
• Phoenix Perps Professional-grade perpetual futures DEX on Solana with low latency, low fees, and consistent performance. Combines Phoenix's orderbook with SolFi's AMM-style innovations for tighter spreads and deeper books. Targets retail traders (gasless trading) and professional traders seeking institutional execution on-chain.
• Atlas Layer 2 blockchain for verifiable finance, providing Solana performance at Ethereum scale via a custom Solana Virtual Machine implementation that settles to Ethereum mainnet. Purpose-built for high-performance DeFi applications.
• Gavel On-chain token distribution and liquidity bootstrapping platform that enables capital formation and price discovery fully on-chain without centralized exchange listing fees. Provides sniper-resistant capital formation and sandwich-resistant liquidity bootstrapping for token-issuing teams.

Quantifiable outcome

• Phoenix Legacy has processed $75B+ in spot trading volume
• +3 more outcomes

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Raydium: Leading Solana AMM and orderbook hybrid DEX. Competes with Phoenix and SolFi for Solana-based spot trading volume and liquidity provider mindshare.
• Drift Protocol: Solana-native DEX offering spot and perpetual futures with AMM-style liquidity. Most direct head-to-head competitor on the same chain, targeting the same Solana-trader audience.
• Hyperliquid: Decentralized perpetual futures exchange with its own L1 blockchain; the dominant on-chain perps venue by volume. Directly competes with Phoenix Perps in the same target customer segment (professional and pro-retail crypto traders).
• dYdX: Decentralized perpetual futures exchange originally on StarkEx, now on its own Cosmos-based chain. Direct competitor to Phoenix Perps with similar orderbook-based professional-trader value proposition.
• Jupiter: Solana's largest DEX aggregator and routing layer, now expanding into perps via Jupiter Perps. Competes indirectly with Phoenix by capturing user flow that might otherwise have been routed to native orderbook venues.
• Vertex Protocol: Cross-margin DEX offering spot and perpetual futures with an orderbook/AMM hybrid model. Closely comparable technical architecture to Phoenix Perps and SolFi.
• Mango Markets: Solana-native DEX combining spot, perps and lending; despite historical setbacks, operates in the same product surface area as Phoenix across spot and perpetuals.

Broad incumbents

• Uniswap: Largest decentralized AMM by volume across multiple chains. While not Solana-native, it sets the benchmark for AMM design and on-chain liquidity that SolFi and Plasma compete against architecturally.
• GMX: Established decentralized perpetual futures exchange on Arbitrum/Avalanche. A pioneer in the perps DEX category whose GLP-style liquidity model competes for the same professional-trader wallet share as Phoenix Perps.

Emerging players

• Aevo: Decentralized perps and options exchange with an orderbook architecture similar to Phoenix; focuses on derivatives listings and structured products, providing a useful product-strategy comparable for Phoenix Perps roadmap planning.

Market position

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ellipsis_labs
• GitHubgithub.com/Ellipsis-Labs
• LinkedInlinkedin.com/company/ellipsis-labs

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds3 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ellipsis Labs