Ellipsis Labs
A team building high-performance DeFi protocols and infrastructure
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About Ellipsis Labs
Ellipsis Labs is a New York-based crypto product development company focused on building decentralized finance (DeFi) infrastructure. Its flagship product is Phoenix, a fully on-chain limit order book decentralized exchange (DEX) running on the Solana blockchain. Unlike typical automated market maker (AMM) models, Phoenix operates as a true order book, allowing users to place limit orders directly on-chain without relying on liquidity pools or incentivized market makers. This design aims to address the market pain point of inefficient price discovery and high slippage common in AMM-based DEXs, while also reducing reliance on off-chain intermediaries. The company's broader vision includes Atlas, a blockchain for verifiable finance, and Gavel, a token distribution and liquidity bootstrapping platform, all built to create a sustainable foundation for financial applications. In terms of recent developments, public information for the period from March to September 2026 is limited. The company's last major product update referenced in available sources was in May 2025, when co-founder Jarry Xiao presented technical design decisions at Solana Accelerate NYC. No significant negative events were reported in the past two years based on accessible data.
Key developments (2026-03-12 to 2026-09-12):
In July 2026, Ellipsis Labs raised $21M led by Haun Ventures ($20M from Haun Ventures, $1M from others) to launch Atlas, an Ethereum Layer 2 blockchain for "verifiable finance," combining Solana's performance with Ethereum's liquidity. This followed a $20M Series A led by Paradigm in April 2026.
In August 2026, CEO Eugene Chen criticized Solana's SGP-0003 fee reform proposal, warning it could harm applications dependent on market microstructure. Solana co-founder Anatoly Yakovenko proposed a CU-based alternative fee model; Chen supported it in principle but called for further evaluation.
Future focus and roadmap:
- Launch Atlas as an Ethereum L2 with ultra-low fees and high throughput for DeFi.
- Continue building Phoenix (on-chain spot order book) and Phoenix Perps (perpetual futures).
- Advance verifiable finance infrastructure emphasizing transparency, auditability, and censorship resistance.
Co-founders: Eugene Chen, Jarry Xiao.
Eugene Chen: Co-founder of Ellipsis Labs (Jan 2022–present). Previously worked in HFT, DeFi protocol design, angel investing and advising (2021–2022); software engineer at a startup (2019–2021) and at Quip (2016–2019); interned at Jane Street and Five Rings. Graduated from MIT with a degree in Mathematics.
Jarry Xiao: Co-founder of Ellipsis Labs (Sep 2022–present). Previously an engineer at Solana Labs (2021–2022), quantitative developer at Edgehog Trading (2020–2021), and software engineer at Citadel (2018–2020). Graduated from UC Berkeley with a degree in EECS.