Fenix Finance recently closed a $300,000 seed fundraising round, led by Layer 3 protocol Orbs, to support the development of Blast network’s unified trading and liquidity marketplace. Orbs’ investment will expand its current support for Fenix as a technology partner, with the launch of the Orbs L3-powered Fenix Liquidity Hub on the horizon. This platform will enable Blast users to swap tokens with the best price execution by integrating on- and off-chain liquidity.
Orbs technology is used by protocols running on various EVM chains to enhance on-chain liquidity and increase capital efficiency. The company has also invested directly in projects like Harris & Trotter, IntentX, Thena, and Symmio that utilize its technology. With Orbs’ support, Fenix Finance aims to expand its market share in the DEX sector as Blast grows to become the second-largest Ethereum L2 platform. Over 5,000 users have already started using the platform, generating more than $150M in volume since Fenix launched its Open Beta less than two months ago, contributing to the rapid growth of liquidity on the platform.
The initial fundraising round led by Orbs will accelerate the development of the Fenix protocol and help the company onboard new partners and increase accessible liquidity. This funding will also support the ongoing development of Fenix Nest, which integrates key features of the Curve ecosystem, including a rewards auto-compounder, vote optimizer, and delegator that powers a voting incentives marketplace. With Orbs’ technical assistance and advisory, Fenix is well-positioned to become the premier liquidity solution on Blast.
With the support of Orbs and the launch of new products, Fenix Finance is poised to provide a wide range of trading tools with unmatched liquidity. The continuous technical assistance and guidance from Orbs will further enhance Fenix’s position as the leading liquidity solution on Blast, allowing for the growth of infrastructure partners and the ecosystem. Fenix’s rapid growth and innovative approach to liquidity solutions make it a key player in the DEX sector, with the potential to revolutionize the way users access liquidity in the decentralized finance space.
