News
Fenix Finance Secures $300,000 Seed Investment
Fenix Finance, a decentralized exchange (DEX) protocol on the Blast Network, has secured a $300,000 seed investment round, according to an announcement.
Layer 3 protocol Orbs, which is also Fenix’s technology partner, led the seed funding round.
Fenix to Deploy Funds in Platform Development
Fenix’s decentralized exchange technology ensures users benefit from a more capital-efficient market on Blastproviding greater liquidity and catalyzing overall economic growth.
Orbs’ funds and technical support will help Fenix Financing introduce new products and expand its ecosystem, the protocol states.
Among key developments, Fenix plans to use the funds raised during the investment round to develop its new liquidity functionality dubbed Fenix Liquidity Hub. The Orbs L3-based feature allows Blast users to access token swaps with optimized price execution that leverages both on-chain and off-chain liquidity.
The team is also considering an enhancement to Fenix Nest. This is a protocol feature that integrates key components of the Curve ecosystem such as the vote delegator, vote optimizer, and automatic reward compounding. These mechanisms help power the ecosystem’s voting incentive market.
Onboarding more partners and deepening the protocol’s available liquidity are also crucial for the platform.
Since launching its open beta less than two months ago, Fenix Finance has seen rapid growth. The platform’s user base has reached over 5,000 users, while the volume generated has exceeded $150 million.
Orbs’ technological key to the DeFi market
Orbs’ decentralized L3 blockchain infrastructure offers advanced on-chain trading, enabling CeFi-level execution to DeFi protocols.
Optimized trading that leverages aggregate liquidity, on-chain derivatives, and advanced trading orders means that Ethereum Virtual Machine (EVM) and non-EMV smart contracts can leverage greater capital efficiency and deeper on-chain liquidity.
L3 has invested in several projects integrating its technology, including Thena, Symmio, IntentX and Harris & Trotter.