Funding Wrap: Solana-based Ellipsis draws an Ethereum-heavy cap table
Plus, a van Eck releases a stablecoin and Paradigm looks to raise another megafund
The developers behind Solana-based decentralized exchange Phoenix have just secured $20 million in a Series A funding round for their startup Ellipsis.
Funding was led by Paradigm, with support from Electric Capital and other industry leaders. Notably, public Ethereum figures also supported the development of Ellipsis. These include Ethereum researchers Justin Drake and Mike Neuder, Tim Beiko, who runs protocol support at Ethereum Foundation, and EigenLayer founder Sreeram Kannan.
The diverse group of investors caught the attention of X, where users immediately commented on the collaboration between individuals from competing ecosystems.
Read more: Low cost of Solana DeFi frees developers from constraints: Ellipsis co-founder
The younger van Eck raises $12 million
Nick van Eck, the heir to investment management firm VanEck , landed $12 million for his stablecoin startup Agora in a seed round led by Dragonfly Capital.
“After spending my whole career building investment cases based on other founders’ visions, there was no better time or opportunity to build towards a future and vision I believed in,” van Eck posted on X. “AgoraDollar is that company. We’re building a more financially inclusive future, where accessibility to financial wealth preservers and creators is borderless.”
Read more: Ripple to issue stablecoin backed 100% by cash equivalents
The company notes that its first product will be a fully collateralized stablecoin that is pegged to the US dollar. The stablecoin, named Agora’s digital dollar or AUSD, has yet to launch, but the team remarks that it will differ from existing product offerings and will only be available to select markets outside of the United States.
Other notable fundraises
- Paradigm is in talks with investors to raise a $850 million fund .
- Sei reveals that it will be injecting $10 million into its NFT ecosystem.
- Merkle Trade secured $2.1 million for a social perp DEX.
- Xion raised $25 million for an abstraction-focused blockchain.
Jack Kubinec contributed to reporting.
Don’t miss the next big story – join our free daily newsletter .
- DEXs
- Funding
- Solana
- stablecoins
- VanEck
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Euro holds gains above 1.1600 on ECB tightening prospects
Deutsche Bank Issues Warning: Accumulating Inflation and Interest Rate Risks, Increasing Market Dislocation May Impact Stocks and Credit Assets
Deutsche Bank has warned that financial markets are facing increasingly severe dislocation—a situation where inflationary pressures are mounting, yet markets are expecting only limited policy tightening from major central banks. This leaves equities and credit assets vulnerable to potential repricing.
Intel increases CPU prices by another 10% and plans to phase out low-margin products
Intel plans to raise prices for its PC CPUs by about 10% in October, marking the third round of price increases since the end of 2025. Meanwhile, CEO Chen Liwu is reviewing low-margin product lines, with some products possibly facing discontinuation and market withdrawal. The main segments affected are industrial computers, IoT, and the embedded market. The core logic behind this round of adjustments by Intel is to prioritize gross profit margin, moving away from the previous strategy of boosting volume through lower prices.
Stellar price rises 4.6% as network activity and trading volume surge
Crypto prices
More
