Fenix Finance introduced the completion of a $300,000 seed fundraising spherical lead by Layer 3 protocol Orbs. The Blast community’s unified buying and selling and liquidity market might be developed by Fenix with the assistance of the seed funding.
Orbs’ funding will increase its present help for Fenix in its function as a expertise associate. Fenix has introduced that it will be launching the Orbs L3-powered Fenix Liquidity Hub quickly. By integrating on- and off-chain liquidity, Blast customers will have the ability to swap tokens with the absolute best worth execution.
Protocols operating on completely different EVM chains make use of Orbs expertise to deepen on-chain liquidity and supply larger capital effectivity. Moreover, Orbs has straight invested in lots of initiatives that make use of its expertise, equivalent to 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 to grow to be the second-largest Ethereum L2. Greater than 5,000 customers have began using the platform and have produced over $150M in quantity since Fenix launched its Open Beta lower than two months in the past, contributing to the platform’s quick liquidity development.
The Fenix protocol might be developed extra shortly because of the preliminary fundraising spherical headed by Orbs, which may also assist the corporate enroll new companions and enhance the quantity of liquidity accessible. Moreover, it can help the continual improvement of Fenix Nest, which integrates important parts of the Curve ecosystem, equivalent to a rewards auto-compounder, vote optimizer, and delegator that drives a voting incentives market.
With Orbs’ continued technical help and advisory, Fenix is well-positioned to grow to be the main liquidity resolution on Blast. With the launch of latest merchandise and the expansion of its infrastructure companions and ecosystem, Fenix will have the ability to present a variety of buying and selling instruments with unparalleled liquidity.