What Fenix Finance does

Fenix Finance was a decentralized exchange (DEX) protocol operating as a MetaDEX on the Blast Layer 2 network, founded in 2024 by Rise Labs (Tel Aviv-based) and now ceased. Its core product was a token swap and liquidity provision platform built around a ve(3,3) tokenomics model featuring a novel 6-month veFNX lock mechanism — an alternative to the industry-standard 4-year lock popularized by Curve — designed to force higher re-locking ratios and active governance participation. The protocol integrated Orbs' Layer 3 Liquidity Hub to aggregate liquidity across sources, reduce slippage, and provide MEV protection, and ran a RISE incentives program that distributed hundreds of thousands of dollars in Blast native yield to veFNX lockers. Fenix served a long-tail base of DeFi traders and liquidity providers on Blast, reaching $650M in cumulative trading volume, $23M in peak TVL, 5,000+ users, and 783 veFNX lockers during its operating period.

Fenix generated revenue exclusively through cumulative swap fees charged across its pools, totaling $434.6K over its lifetime, with no subscription or fee-tier model and a fully self-serve, decentralized go-to-market. The company raised only $300,000 in a seed round led by Orbs in June 2024. In 2025, after Blast pivoted from a DeFi L2 to a mobile application strategy and the chain lost momentum, Fenix ceased operations. The team subsequently restructured toward 'nest exchange' on Hyperliquid, allocating 5% of nest token supply to former veFNX lockers as a goodwill gesture, with nest distribution scheduled at launch in May 2026. As of the most recent data, Fenix Finance's operating status is closed; the protocol no longer functions, and the veFNX allocation in nest represents the only continuing economic obligation.

Name

Fenix Finance

Website

https://fenixfinance.io

Company type

Private

Founded year

2024

Operating status

Closed

Short description

Fenix Finance was a decentralized exchange (MetaDEX) protocol on the Blast Layer 2 network, serving DeFi traders and liquidity providers with token swaps, veFNX governance staking, and Orbs-powered liquidity aggregation. The protocol ceased operations in 2025 after Blast's pivot to a mobile app.

Ownership category

akta.pro rank

Product category

Decentralized Exchange (DEX) Protocol

NAICS

Securities and Commodity Exchanges (52321)

SIC

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

akta.pro primary industry

DEX Liquidity Provision & Market-Making Protocols (FSADABAI)

akta.pro secondary industry

DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD)

Keywords

• Decentralized exchange
• MetaDEX protocol
• Ve-token governance
• Liquidity aggregation
• MEV protection

Headquarters

HQ city

San Antonio

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Swap Fees: Fenix Finance generates revenue through cumulative swap fees charged on token exchanges across all swap pools. The protocol has generated $434.6K in cumulative swap fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Fenix Finance operated a decentralized exchange (DEX) MetaDEX protocol on the Blast L2 network that enabled token swapping and liquidity provision while distributing native Blast chain yield (from ETH staking and Sky/Maker) back to veFNX token lockers. The protocol featured a 6-month ve-token lock mechanism (vs. the industry-standard 4-year lock), an Orbs L3-powered Liquidity Hub for slippage reduction and MEV protection, and the RISE incentive program. Revenue was generated through cumulative swap fees charged across all trading pools.

Product overview

Fenix Finance was a single unified MetaDEX protocol on the Blast network that has since evolved into nest exchange. The original portfolio included the core Fenix Finance DEX platform, the Fenix Liquidity Hub (powered by Orbs L3 technology), the veFNX staking/governance system with a 6-month lock period, and the RISE incentives program. The company has since transitioned, with the Fenix protocol ending and veFNX lockers receiving allocations in nest exchange, the new Rise Labs protocol now building on Hyperliquid.

Differentiator

Problem solved

Functional benefit

Products and services

• Fenix Finance DEX A decentralized exchange (DEX) MetaDEX protocol on the Blast L2 network that enables token swapping and liquidity provision, stacking DEX revenue on top of native Blast yield from ETH staking and Sky (formerly Maker) for liquidity providers.
• Fenix Liquidity Hub An Orbs L3-powered liquidity aggregation system on Fenix Finance DEX that pools liquidity from multiple sources to reduce slippage, improve trading efficiency, and protect traders against Maximal Extractable Value (MEV) extraction.
• veFNX Governance and Staking Fenix's ve(3,3) governance and staking system where users lock FNX tokens for a 6-month period to receive voting power, protocol fee share, and Blast incentive distributions via the RISE program. The shorter lock window causes faster voting-power decay, incentivizing active re-locking.

Quantifiable outcome

• $650M cumulative trading volume across all swap pools
• +4 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• OrbscoreTechnology or Integration · 4 July 2024Orbs launched its liquidity hub on Fenix Finance DEX on the Blast blockchain. This deployment is the fifth on EVM networks and the first on Blast. The integration aims to improve liquidity, reduce slippage, enhance trading efficiency, and protect against MEV by aggregating liquidity from multiple sources.
• Rise LabscoreOthersRise Labs is the company that built Fenix Finance and has now transitioned to building nest, the successor protocol. Fenix Finance represents one of Rise Labs' products, and veFNX lockers were given allocation in nest as a gesture of appreciation for their support.

Scale indicators7 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Ramses Exchange: Ramses was a competing ve(3,3) MetaDEX on Blast directly competing with Fenix for the same Blast-native liquidity and locker base.
• Curve Finance: Curve pioneered the ve-token governance model (vote-escrowed CRV) and is the conceptual reference for Fenix's ve(3,3) implementation, including the 6-month lock design that explicitly broke from Curve's 4-year standard.
• Trader Joe: Trader Joe operates a DEX on Avalanche with ve-tokenomics and liquidity hub features, overlapping with Fenix in decentralized exchange + vote-escrowed governance + concentrated liquidity provision.
• Aerodrome Finance: Aerodrome is a Velodrome fork deployed on Coinbase's Base L2 with the identical ve(3,3) emissions-and-voting model Fenix shipped on Blast, making it a directly comparable MetaDEX peer.
• Shadow Exchange: Shadow is another native DEX built on Blast that competed with Fenix for swap volume, ve-token locker participation, and Blast incentive distribution.
• Thruster Finance: Thruster is a Blast-native DEX that competed head-to-head with Fenix for liquidity, swap volume, and the same Blast incentive pool distributed via the RISE-style programs.
• Velodrome Finance: Velodrome is the canonical MetaDEX on Optimism using the same ve(3,3) tokenomics that Fenix implemented on Blast, making it the closest architectural and economic analogue to Fenix's protocol design.

Emerging players

• Hyperliquid: Hyperliquid is the L1/perps DEX platform where Rise Labs has chosen to build nest, making it a foundational comparable for the successor product's competitive and technical context.

Broad incumbents

• Uniswap: Uniswap is the dominant AMM DEX across EVM chains, comparable to Fenix in core swap functionality and target users (DeFi traders and LPs), though it does not use ve-tokenomics.
• Balancer: Balancer is an established multi-chain DEX with ve-token (veBAL) governance, comparable to Fenix as a liquidity-provision venue with active emissions and governance layers, though with a much broader portfolio.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/fenixfinance

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

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 Fenix Finance