Ellipsis Labs
28 employees on LinkedIn Β· 3 known investors
Ellipsis Labs develops infrastructure and applications to improve decentralized finance systems, aiming to replace traditional financial foundations with blockchain-based alternatives that offer security, scalability, and speed.
Also known as Ellipsis Labs, Inc.
Founders & leadership
Investors Β· 3
Funding
SEC filings, press & company announcements- Undisclosed amountSeries AApr 2024 Β· 2 sourcesSource β
Source: company announcements and press reports β follow each round's link for the claim.
Company profile
researched Aug 2026Ellipsis Labs builds applications and infrastructure intended to create what it describes as a sustainable foundation for finance, focused on high-performance decentralized finance and "verifiable finance." Its first product was Phoenix Legacy, a decentralized spot exchange running a fully on-chain limit orderbook on Solana, which combines the capital-efficient orderbook model used in traditional markets with on-chain verifiability. The company has since introduced Phoenix Perps, an on-chain perpetual futures venue on Solana positioned around low latency, low fees and consistent performance, announced in a December 2025 blog post.
The company's second major line of work is Atlas, described as a Layer 2 blockchain purpose-built for verifiable finance that aims to provide Solana-like performance at Ethereum scale for high-performance DeFi applications. Ellipsis Labs states that Atlas draws on its experience operating Phoenix. Additional projects include Gavel, a token distribution and liquidity bootstrapping platform intended to move token distribution on-chain and support price discovery without exposing users to toxic MEV, and Plasma, a reference implementation of a sandwich-resistant automated market maker for Solana.
Ellipsis Labs also contributes to open-source work, including contributions to Umbra Research (public DeFi research) and a Verifiable Build CLI that lets developers confirm that public source code matches on-chain deployments. Its GitHub organization hosts roughly 30 public repositories, mostly in Rust and TypeScript, including phoenix-v1 (on-chain order book), sokoban (compact data structures), rise-public (SDK for Phoenix perpetuals), vulcan-cli, phoenix-sdk, phoenix-cli, an on-chain market maker program, and Rust developer tooling such as cargo-hold and cargo-ferris-wheel.
Founding story
A fintech news summary reports that Ellipsis Labs was founded in 2022 by Eugene Chen and Jarry Xiao, both of whom have backgrounds in high-frequency trading. Per a statement from Haun Ventures cited in that report, the founders' key insight was that high-performance financial products can rival traditional finance without sacrificing transparency, auditability or censorship resistance.
Business model
Ellipsis Labs develops and operates crypto-native trading venues and blockchain infrastructure β a spot orderbook DEX, on-chain perpetual futures, a token distribution platform and the Atlas Layer 2 β alongside open-source developer tooling and SDKs. The sources do not describe how the company monetizes these products.
Not disclosed in the available sources.
Traction
The website displays counters for total spot volume and all-time trades on Phoenix, but the retrieved page did not render usable figures. Public GitHub signals include about 30 public repositories, with phoenix-v1 at 277 stars and 110 forks, phoenix-sdk at 97 stars, plasma at 95 stars and sokoban at 130 stars, plus commit activity recorded into 2026. The company has 13 listed open roles, mostly senior engineering positions in New York.
Latest developments
The most recent company blog post, dated 11 December 2025, introduces Phoenix on-chain perpetual futures on Solana, with a developer-facing SDK (rise-public) and a Phoenix CLI (vulcan-cli) published on GitHub. The company continues to advertise numerous senior engineering roles in New York and lists Atlas as an in-development Layer 2 for verifiable finance.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Ellipsis Labs describes Phoenix as the leading on-chain orderbook DEX and a cornerstone of DeFi infrastructure that has shown sustainable on-chain markets can operate without artificial incentives; third-party coverage characterizes the company as a New York-based Solana decentralized exchange developer and verifiable finance company. Claims about Phoenix's leadership position originate from the company itself.
Ellipsis Labs positions its products around combining traditional-finance performance characteristics (capital-efficient orderbooks, low latency, low fees) with on-chain verifiability, auditability and censorship resistance, in contrast to both centralized venues and earlier DeFi designs that it says sacrificed performance. It highlights sustainable market design without artificial incentives, MEV-resistant mechanisms (Plasma, Gavel) and trustless verification of deployed code via its Verifiable Build CLI.
Technology
The company's core technology is a fully on-chain limit orderbook on Solana that atomically settles trades (phoenix-v1), supported by compact contiguous-byte-array data structures (sokoban) and written primarily in Rust, with TypeScript SDKs. Related technology includes Plasma, a sandwich-resistant AMM design; Gavel, on-chain token distribution and liquidity bootstrapping intended to limit toxic MEV; a Verifiable Build CLI for checking that public source code matches on-chain deployments; and Atlas, a Layer 2 blockchain designed to deliver Solana performance at Ethereum scale for verifiable finance. The company recruits for both SVM and EVM smart contract engineering.
Go-to-market
Products are distributed as public on-chain applications with accompanying documentation, open-source SDKs and CLIs on GitHub, and are supported by technical blog posts and public research contributions through Umbra Research. The company is also hiring a Growth Manager for Asia.
Traders and market participants using on-chain spot and perpetual futures markets on Solana, developers building high-performance DeFi applications (served via SDKs, CLIs and the Atlas Layer 2), and token issuers using Gavel for on-chain distribution and liquidity bootstrapping. The company positions Phoenix Perps for users expecting institutional-platform standards.
Geography
Headquartered in New York, NY, where nearly all open roles are based and where the company emphasizes an in-person working culture; one growth role is listed for Asia.
History
According to a fintech news report, co-founders Eugene Chen and Jarry Xiao founded Ellipsis Labs in 2022. The company's first product was Phoenix Legacy, a fully on-chain spot limit orderbook DEX on Solana. In November 2024 it published Plasma, a sandwich-resistant AMM reference implementation, having announced a $21M funding round led by Haun Ventures on 31 October 2024. Gavel, a token distribution and liquidity bootstrapping platform, was introduced in May 2025, and Phoenix on-chain perpetuals were announced in December 2025.
Risks & controversies
No controversies, litigation or regulatory actions are described in the available sources. Most substantive claims β including Phoenix's market leadership and product performance β come from company-published material rather than independent verification, and no operating or financial metrics are disclosed.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Competitors Β· 6
by search overlap
Companies competing with Ellipsis Labs for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 4
launches, deals, and filingsBlog post introducing Phoenix, on-chain perpetual futures on Solana. The website describes Phoenix Perps as offering perpetual futures with low latency, low fees and consistent performance.
Gavel is a token distribution and liquidity bootstrapping platform designed to move token distribution on-chain to avoid centralized exchange rents while facilitating on-chain price discovery without exposing users to toxic MEV.
Blog post introducing Plasma, a reference implementation of a sandwich-resistant automated market maker for the Solana blockchain; the code is published as an open-source Rust repository.
Ellipsis Labs announced a $21M fundraise led by Haun Ventures with participation from existing investors Electric Capital, Anatoly Yakovenko and Paradigm; proceeds are directed to hiring engineers and accelerating development of Atlas.
$21M source β
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
βΈResearch sources Β· 8
primary sources listed
- Ellipsis Labsellipsislabs.xyz Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Ellipsis Labs do?
- New York-based crypto firm building Solana on-chain orderbook exchange Phoenix and the Atlas verifiable-finance blockchain.
- Who founded Ellipsis Labs?
- Ellipsis Labs was founded by Jarry Xiao.
- Who are Ellipsis Labs's investors?
- Ellipsis Labs's investors include Electric Capital, Haun Ventures, Paradigm.