June 27, 2024 — Fenix Finance has successfully closed a $300,000 seed funding round led by Layer 3 protocol Orbs. This funding will support the development of Fenix’s unified trading and liquidity marketplace on the Blast network.
Orbs’ investment strengthens its existing partnership with Fenix, enhancing its role as a technology partner. Fenix is set to deploy the Fenix Liquidity Hub, powered by Orbs L3, which will enable Blast users to swap tokens with optimal price execution by combining on- and off-chain liquidity.
Orbs technology, known for enhancing capital efficiency and deepening on-chain liquidity across multiple EVM chains, has been pivotal for various projects. Notable beneficiaries include Thena, IntentX, Symmio, and Harris & Trotter. The support from Orbs will help Fenix Finance expand its share of the DEX market on Blast, which has become the second largest Ethereum L2.
Since its Open Beta launch less than two months ago, Fenix has experienced rapid growth, with over 5,000 users and $150M in generated volume. The seed funding will accelerate the development of the Fenix protocol, aiding in the onboarding of new partners and expanding available liquidity. Additionally, it will support the development of Fenix Nest, integrating key components of the Curve ecosystem, such as a vote delegator, vote optimizer, and rewards auto-compounder for a voting incentives marketplace.
With ongoing technical support and advisory from Orbs, Fenix is well-positioned to become a leading liquidity solution on Blast. The introduction of new products, along with the expansion of its ecosystem and infrastructure partners, will enable Fenix to offer advanced trading tools featuring unparalleled liquidity.
Orbs, established as a decentralized Layer-3 blockchain infrastructure, is designed for advanced on-chain trading. It brings CeFi-level execution to DeFi by optimizing trading with aggregated liquidity, advanced trading orders, and on-chain derivatives. By enhancing both EVM and non-EVM smart contracts without moving liquidity to a new chain, Orbs serves as a decentralized backend, providing CeFi-level execution to DeFi trading.
Fenix Finance is a unified trading and liquidity marketplace on the Blast network. Known for its next-generation decentralized exchange, Fenix offers a technologically advanced and capital-efficient trading platform. With a focus on providing superior user experience and deeper liquidity, Fenix plays a crucial role in driving economic growth on Blast.
