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 shall be developed by Fenix with the assistance of the seed funding.
Orbs’ funding will increase its present assist for Fenix in its function as a expertise companion. 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 be capable to swap tokens with the very best value execution.
Protocols operating on totally different EVM chains make use of Orbs expertise to deepen on-chain liquidity and supply increased capital effectivity. Moreover, Orbs has straight invested in lots of tasks that make use of its expertise, similar 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 change into 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 shall be developed extra shortly because of the preliminary fundraising spherical headed by Orbs, which will even assist the corporate enroll new companions and improve the quantity of liquidity accessible. Moreover, it would assist the continual growth of Fenix Nest, which integrates important components of the Curve ecosystem, similar 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 change into the main liquidity answer on Blast. With the launch of recent merchandise and the expansion of its infrastructure companions and ecosystem, Fenix will be capable to present a variety of buying and selling instruments with unparalleled liquidity.
