Fenix Finance, a decentralized exchange (DEX) protocol on the Blast network, has secured a $300,000 seed investment round, according to an announcement.
Layer-3 protocol Orbs, which doubles as Fenix’s technology partner, led the seed funding round.
Fenix to deploy funds in platform development
Fenix’s decentralized exchange technology ensures users benefit from a more capital efficient marketplace on Blast, offering deeper liquidity and catalyzing overall economic growth.
The funds and technical support from Orbs will help Fenix Finance introduce new products and expand its ecosystem, the protocol said.
Among key developments, Fenix plans to use funds raised from the investment round to build out its new liquidity feature dubbed the Fenix Liquidity Hub. The Orbs L3-powered feature allows Blast users to access token swaps with optimized price execution that taps into both on-chain and off-chain liquidity.
The team also eyes improvement to the Fenix Nest. This is a protocol feature that incorporates key Curve ecosystem components such as vote delegator, vote optimizer, and rewards auto-compounder. These mechanisms help power the ecosystem’s voting incentives marketplace.
Also crucial to the platform is the onboarding of more partners, and deepening of the protocol’s available liquidity.
Since launching its Open Beta less than two months ago, Fenix Finance has experienced rapid growth. The platform’s user base has grown to over 5,000, while generated volume has surpassed $150 million.
Orbs’ technology key in DeFi market
Orbs’ decentralized L3 blockchain infrastructure offers advanced on-chain trading, providing for CeFi-level execution to DeFi protocols.
Optimized trading that leverages aggregated liquidity, on-chain derivatives and advanced trading orders means Ethereum Virtual Machine (EVM) and non-EMV smart contracts can tap into greater capital efficiency and deeper on-chain liquidity.
The L3 has invested in multiple projects that integrate its technology including, Thena, Symmio, IntentX, and Harris & Trotter.