Hassan Maishera
Fenix Finance announced on Thursday, June 27th, that it raised $300,000 in a seed funding round led by Layer 3 protocol Orbs.
In a press release shared with Cryptowisser, Fenix Finance revealed that the funds would be used to build out its 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 revealed that it would deploy the Fenix Liquidity Hub, powered by Orbs L3. Fenix Liquidity Hub’s launch will allow Blast users to swap tokens with the best possible price execution by combining on- and off-chain liquidity.
Protocols operating on multiple EVM chains use Orbs technology to deliver greater capital efficiency and deepen on-chain liquidity. Furthermore, Orbs has made direct investments in several projects that utilize its technology including, Thena, IntentX, Symmio, and Harris & Trotter.
Blast has become the second-largest Ethereum layer-2 network and Fenix Finance seeks to grow its share of the DEX market with support from Orbs. Fenix Finance launched its Open Beta less than two months ago, with more than 5,000 users already using its platform, and has generated over $150M in volume.
The funds raised from the seed funding round will boost the 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. Fenix seeks to establish itself as a leading liquidity solution on Blast
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.
Meanwhile, 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.
