Crypto exchange developer Ellipsis Labs raised $20 million in Series A funding led by the venture firm Paradigm.  

Electric Capital also participated in the round, which had additional support from Justin Drake and Mike Neuder of the Ethereum Foundation, Sreeram Kannan from EigenLayer, Anatoly Yakovenko from Solana Labs, Uri Klarman from bloXroute and others. Ellipsis Labs will use the funds to continue developing its DeFi tech stack. 

Ellipsis Labs develops Phoenix, a Solana on-chain order book decentralized exchange. "Ellipsis Labs set out 1.5 years ago to build better on-chain liquidity primitives," the firm said on the social media platform X, adding that Phoenix pairs "the efficiency of order books with the accessibility and transparency of DeFi."

The firm …