June 27, 2024 — Fenix Finance has efficiently closed a $300,000 seed funding spherical led by Layer 3 protocol Orbs. This funding will assist the event of Fenix’s unified buying and selling and liquidity market on the Blast community.
Orbs’ funding strengthens its current partnership with Fenix, enhancing its function as a expertise companion. Fenix is about to deploy the Fenix Liquidity Hub, powered by Orbs L3, which can allow Blast customers to swap tokens with optimum worth execution by combining on- and off-chain liquidity.
Orbs expertise, recognized for enhancing capital effectivity and deepening on-chain liquidity throughout a number of EVM chains, has been pivotal for varied initiatives. Notable beneficiaries embody Thena, IntentX, Symmio, and Harris & Trotter. The assist from Orbs will assist Fenix Finance increase its share of the DEX market on Blast, which has develop into the second largest Ethereum L2.
Since its Open Beta launch lower than two months in the past, Fenix has skilled fast progress, with over 5,000 customers and $150M in generated quantity. The seed funding will speed up the event of the Fenix protocol, aiding within the onboarding of recent companions and increasing out there liquidity. Moreover, it would assist the event of Fenix Nest, integrating key elements of the Curve ecosystem, comparable to a vote delegator, vote optimizer, and rewards auto-compounder for a voting incentives market.
With ongoing technical assist and advisory from Orbs, Fenix is well-positioned to develop into a number one liquidity resolution on Blast. The introduction of recent merchandise, together with the growth of its ecosystem and infrastructure companions, will allow Fenix to supply superior buying and selling instruments that includes unparalleled liquidity.
Orbs, established as a decentralized Layer-3 blockchain infrastructure, is designed for superior on-chain buying and selling. It brings CeFi-level execution to DeFi by optimizing buying and selling with aggregated liquidity, superior buying and selling orders, and on-chain derivatives. By enhancing each EVM and non-EVM sensible contracts with out transferring liquidity to a brand new chain, Orbs serves as a decentralized backend, offering CeFi-level execution to DeFi buying and selling.
Fenix Finance is a unified buying and selling and liquidity market on the Blast community. Identified for its next-generation decentralized alternate, Fenix affords a technologically superior and capital-efficient buying and selling platform. With a give attention to offering superior person expertise and deeper liquidity, Fenix performs a vital function in driving financial progress on Blast.
