Fenix Finance introduced the completion of a $300,000 seed fundraising spherical led by Layer 3 protocol Orbs. The Blast Community’s unified buying and selling and liquidity market can be developed by Fenix utilizing the seed funding.
Orbs’ funding will broaden present assist for Fenix in its function as a know-how accomplice. Fenix has introduced that it’ll quickly launch the Orbs L3-powered Fenix Liquidity Hub. By integrating on- and off-chain liquidity, Blast customers can commerce tokens with the absolute best worth execution.
Protocols working on completely different EVM chains use Orbs know-how to deepen on-chain liquidity and supply increased capital effectivity. Moreover, Orbs has invested straight in lots of tasks utilizing its know-how, resembling Harris & Trotter, IntentX, Thena and Symmio.
With the assistance of Orbs, Fenix Finance hopes to extend its market share within the DEX sector as Blast grows into the second largest Ethereum L2. Greater than 5,000 customers have began utilizing the platform and have produced over $150 million in quantity since Fenix launched its open beta lower than two months in the past, contributing to the platform’s speedy liquidity development.
The Fenix Protocol can be developed sooner because of the primary spherical of fundraising led by Orbs, which can even assist the corporate purchase new companions and improve the quantity of liquidity obtainable. Moreover, it is going to assist the continued improvement of Fenix Nest, which integrates key parts of the Curve ecosystem resembling a rewards auto-compounder, a voting optimizer, and a delegator that powers a voting incentive market.
With continued technical help and recommendation from Orbs, Fenix is nicely positioned to develop into the main liquidity resolution on Blast. With the launch of latest merchandise and the expansion of its infrastructure companions and ecosystem, Fenix will be capable of provide a variety of buying and selling devices with unparalleled liquidity.