Fenix Finance has proudly declared the successful conclusion of a $300,000 seed fundraising round, spearheaded by Orbs, a Layer 3 protocol. Utilizing the seed funding, Fenix plans to develop the Blast network’s comprehensive trading and liquidity marketplace.
Orbs’ investment is set to enhance its existing support for Fenix in its capacity as a technology ally. The upcoming launch of the Orbs L3-powered Fenix Liquidity Hub has been confirmed by Fenix. Through the integration of on- and off-chain liquidity, Blast users will gain the ability to exchange tokens at the most advantageous price point.
Various protocols operating on diverse EVM chains leverage Orbs technology to deepen on-chain liquidity and maximize capital efficiency. Additionally, Orbs has made direct investments in numerous projects utilizing its technology, including Harris & Trotter, IntentX, Thena, and Symmio.
By leveraging Orbs’ support, Fenix Finance aims to bolster its presence in the DEX sector as Blast progresses towards becoming the second-largest Ethereum L2 platform. With over 5,000 users already actively engaging with the platform and generating a volume exceeding $150 million since Fenix’s Open Beta launch less than two months ago, the platform has experienced rapid liquidity growth.
Thanks to the initial fundraising effort led by Orbs, the development of the Fenix protocol will be expedited, facilitating the onboarding of new partners and expanding the available liquidity pool. Furthermore, this support will enable the ongoing evolution of Fenix Nest, a platform incorporating key elements of the Curve ecosystem such as a rewards auto-compounder, vote optimizer, and delegator driving a voting incentives marketplace.
With Orbs’ ongoing technical guidance and advisory support, Fenix is well-positioned to emerge as the premier liquidity solution on Blast. As new products are introduced and the ecosystem of infrastructure partners continues to grow, Fenix will offer a diverse array of trading tools accompanied by unparalleled liquidity.