Fenix Finance, a decentralized exchange (DEX) protocol on the Blast network, has secured a $300,000 seed investment round. This funding, announced recently, was led by Layer-3 protocol Orbs, which also serves as Fenix’s technology partner.
Fenix Finance plans to deploy these funds to develop its platform further. The decentralized exchange technology ensures users benefit from a more capital-efficient marketplace on Blast, offering deeper liquidity and driving economic growth. The investment and technical support from Orbs will help Fenix Finance introduce new products and expand its ecosystem.
Fenix aims to build its new liquidity feature, the Fenix Liquidity Hub, with the funds raised. This Orbs L3-powered feature will allow Blast users to access token swaps with optimized price execution, tapping into both on-chain and off-chain liquidity. Additionally, Fenix plans to improve the Fenix Nest, a protocol feature incorporating key Curve ecosystem components like vote delegator, vote optimizer, and rewards auto-compounder. These mechanisms help power the ecosystem’s voting incentives marketplace.
The platform also seeks to onboard more partners and deepen its available liquidity. Since launching its Open Beta less than two months ago, Fenix Finance has seen rapid growth. The user base has grown to over 5,000, with generated volume surpassing $150 million.
Orbs’ decentralized L3 blockchain infrastructure is crucial in the DeFi market. It offers advanced on-chain trading, providing CeFi-level execution to DeFi protocols. Optimized trading that leverages aggregated liquidity, on-chain derivatives, and advanced trading orders means both Ethereum Virtual Machine (EVM) and non-EVM smart contracts can access greater capital efficiency and deeper on-chain liquidity.
Orbs has invested in multiple projects integrating its technology, including Thena, Symmio, IntentX, and Harris & Trotter.
