Fenix Finance announced the completion of a $300,000 seed fundraising round lead by Layer 3 protocol Orbs. The Blast network’s unified trading and liquidity marketplace will be developed by Fenix with the help of the seed funding.
Orbs’ investment will expand its current support for Fenix in its role as a technology partner. Fenix has announced that it would be launching the Orbs L3-powered Fenix Liquidity Hub soon. By integrating on- and off-chain liquidity, Blast users will be able to swap tokens with the best possible price execution.
Protocols running on different EVM chains employ Orbs technology to deepen on-chain liquidity and provide higher capital efficiency. Furthermore, Orbs has directly invested in many projects that make use of its technology, such as Harris & Trotter, IntentX, Thena, and Symmio.
With the help of Orbs, Fenix Finance hopes to increase its market share in the DEX sector as Blast grows to become the second-largest Ethereum L2. More than 5,000 users have started utilizing the platform and have produced over $150M in volume since Fenix launched its Open Beta less than two months ago, contributing to the platform’s fast liquidity growth.
The Fenix protocol will be developed more quickly thanks to the initial fundraising round headed by Orbs, which will also help the company enroll new partners and increase the amount of liquidity accessible. Additionally, it will support the continuous development of Fenix Nest, which integrates essential elements of the Curve ecosystem, such as a rewards auto-compounder, vote optimizer, and delegator that drives a voting incentives marketplace.
With Orbs’ continued technical assistance and advisory, Fenix is well-positioned to become the leading liquidity solution on Blast. With the launch of new products and the growth of its infrastructure partners and ecosystem, Fenix will be able to provide a wide range of trading tools with unparalleled liquidity.