Fenix Finance has successfully closed a $300,000 seed fundraising round led by Layer 3 protocol Orbs. This investment will enable Fenix to develop Blast network’s unified trading and liquidity marketplace. Orbs’ support as a technology partner for Fenix will be further enhanced through this investment.
Fenix has announced plans to soon launch the Orbs L3-powered Fenix Liquidity Hub. This initiative aims to integrate on- and off-chain liquidity, thereby allowing Blast users to execute token swaps with optimal price efficiency.
Orbs technology is utilized by protocols across different EVM chains to enhance on-chain liquidity and improve capital efficiency. Additionally, Orbs has made direct investments in several projects leveraging its technology, including Harris & Trotter, IntentX, Thena, and Symmio.
With Orbs’ assistance, Fenix Finance aims to expand its market share in the DEX sector as Blast evolves into the second-largest Ethereum L2 platform. Since the Open Beta launch less than two months ago, the platform has garnered over 5,000 users and facilitated more than $150 million in trading volume, accelerating its liquidity growth.
The initial fundraising round led by Orbs will expedite the development of the Fenix protocol. It will also support the acquisition of new partners and increase the accessible liquidity. Additionally, ongoing support from Orbs will aid in the continuous enhancement of Fenix Nest, integrating key elements of the Curve ecosystem such as rewards auto-compounder, vote optimizer, and delegator incentivizing voting.
With sustained technical guidance and advisory from Orbs, Fenix is poised to establish itself as a leading liquidity solution on Blast. As Fenix expands its infrastructure partners and ecosystem while launching new products, it aims to provide a comprehensive suite of trading tools with unmatched liquidity.
