The Good Tech Companies - Fenix Finance Secures $300K Seed Investment from Orbs

Episode Date: June 27, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/fenix-finance-secures-$300k-seed-investment-from-orbs. Fenix Finance, a decentralized exchange (DEX) operating on the Blast network, has successfully closed a $300,000 seed funding round. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #orbs, #fenix-finance, #cryptocurrency-investment, #fenix-finance-seed-investment, #fenix-finance-announcement, #orbs-investment-fenix-finance, #good-company, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Fenix Finance, a decentralized exchange (DEX) operating on the Blast network, has successfully closed a $300,000 seed funding round. The investment was led by Orbs, a Layer 3 blockchain protocol, which will also serve as a technology partner for Fenix. The seed funding is earmarked for developing Fenix's unified trading and liquidity marketplace.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Phoenix Finance secures $300,000 seed investment from Orbs, by Ashan Pandey. Phoenix Finance, a decentralized exchange, DEX, operating on the Blast network, has successfully closed a $300,000 seed funding round. The investment was led by ORBs, a Layer 3 blockchain protocol, which will also serve as a technology partner for Phoenix. The seed funding is earmarked for developing Phoenix's unified trading and liquidity marketplace on the Blast network. A key component of this development is the imminent deployment of the Phoenix Liquidity Hub, which orbs a Layer 3

technology will power. This hub aims to provide blast users with token swapping capabilities, optimizing price execution by combining on-chain and off-chain liquidity sources. Orb's Investment Strategy This investment aligns with Orb's broader strategy of supporting projects that utilize its technology. The company has previously invested in several protocols operating on various Ethereum virtual machine EVM chains, including Thena, IntentX, Symeo, and Harris & Trotter. Orb's technology is designed to enhance capital efficiency and deepen on-chain liquidity for these protocols. Phoenix Finance has been operating in open beta for less than two months but has already attracted over 5,000 users and generated more than $150

million in trading volume. The platform is aiming to increase its market share in the DEX space on Blast, which has grown to become the second-largest Ethereum Layer 2 network. Development Plans The seed funding will support several initiatives 1. Accelerating the development of the Phoenix Protocol. 2. Onboarding more partners to deepen available liquidity. 3. Ongoing development of Phoenix Nest, which incorporates key components of the curve ecosystem. Phoenix Nest includes features such as a vote delegator, vote optimizer, and rewards auto-compounder, which power a voting incentives marketplace.

Analysis and Outlook This seed investment represents a significant step for Phoenix Finance in establishing itself within the competitive DEX landscape. The partnership with ORBs could provide Phoenix with a technological edge, particularly in terms of liquidity aggregation and trading execution. However, the DEX market is highly competitive, with established players and constant innovation. Phoenix's success will likely depend on its ability to differentiate itself through superior user experience, deeper liquidity, and unique features offered by its integration with Orbs Layer 3

technology. The growth of the Blast network as an Ethereum Layer 2 solution is also a critical factor. If Blast continues to gain traction, it could provide a fertile ground for Phoenix to expand its user base and trading volume. As the decentralized finance, DeFi, space continues to evolve, partnerships between infrastructure providers like Orbs and Dex platforms like Phoenix may become increasingly common. These collaborations could lead to more efficient and user-friendly DeFi ecosystems, potentially accelerating mainstream adoption of decentralized trading platforms. While the $300,000 seed investment is relatively modest in the context of larger DeFi funding rounds, it provides Phoenix Finance with resources to develop its platform at this early stage. The true test will be in

the execution of their roadmap and their ability to capture market share in the competitive DEX landscape. Don't forget to like and share the story. Tip Vested Interest Disclosure. This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims herein belong to the author. Hashtag D Y O R. Thank you for listening to this HackerNoon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.