Orbs Leads $300K Seed Investment Round in Blast Liquidity Market Fenix Finance
Tel Aviv, Israel, June 27th, 2024, Chainwire
Fenix Finance has announced the close of a $300,000 seed funding round led by Layer 3 protocol Orbs. The seed funding will be used to build out Fenix’s unified trading and liquidity marketplace on Blast network.
The investment from Orbs will strengthen its existing support for Fenix in its capacity as a technology partner. Fenix has confirmed it will imminently deploy the Fenix Liquidity Hub, powered by Orbs L3. This will allow Blast users to swap tokens with the best possible price execution through combining on- and off-chain liquidity.
Orbs technology is used by protocols operating on multiple EVM chains to deliver greater capital efficiency and deepen on-chain liquidity. In addition, Orbs has made direct investment into a number of projects that utilize its technology including, Thena, IntentX, Symmio, and Harris & Trotter.
Blast has grown to become the second largest Ethereum L2, and Fenix Finance is aiming to grow its share of the DEX market with support from Orbs. Since launching its Open Beta less than two months ago, Fenix has seen rapid liquidity growth thanks to more than 5,000 users who have begun using the platform and generated over $150M in volume.
The seed funding round led by Orbs will accelerate development of the Fenix protocol and support its efforts to onboard more partners and deepen available liquidity. It will also aid with the ongoing development of Fenix Nest which incorporates key components of the Curve ecosystem including a vote delegator, vote optimizer, and rewards auto-compounder that powers a voting incentives marketplace.
With ongoing technical support and advisory from Orbs, Fenix is primely placed to establish itself as the preeminent liquidity solution on Blast. The introduction of new products coupled with expansion of its ecosystem and infrastructure partners will allow Fenix to deliver an array of trading tools that feature unrivaled liquidity.
About Orbs
Orbs is a decentralized Layer-3 (L3) blockchain infrastructure designed specifically for advanced on-chain trading. By bringing CeFi-level execution to DeFi, Orbs optimizes trading with aggregated liquidity, advanced trading orders, and on-chain derivatives. Orbs enhances the capabilities of both EVM and non-EVM smart contracts without moving liquidity onto a new chain. This one of a kind setup acts as a decentralized backend that brings CeFi-level execution to DeFi trading.
Learn more: https://www.orbs.com/
About Fenix Finance
Fenix is a unified trading and liquidity marketplace for Blast. Its next-generation decentralized exchange provides a technologically advanced and capital efficient trading and liquidity marketplace. Designed to provide superior UX and deeper liquidity, Fenix plays a pivotal role in catalyzing economic growth on Blast.
Learn more: https://www.fenixfinance.io/
