Ellipsis Labs Launches Phoenix DEX Beta on Solana Mainnet
Ellipsis Labs, a DeFi development firm, has introduced the beta launch of Phoenix, its de-centralized exchange that operates on Solana mainnet. Phoenix is on-chain and non-custodial limit order book decentralized exchange. It allows users to trade various cryptocurrencies. The platform has been integrated with DEX aggregator Jupiter Exchange, providing users with access to Phoenix liquidity.
Ellipsis Labs’ Phoenix DEX Goes Live on Solana Mainnet with Open-Source Program
Trading during the beta phase is restricted to whitelisted market makers. The official launch, however, will feature permissionless market-making. To put it another way, anyone can contribute cash to the platform and receive benefits in exchange.
The Phoenix program is another Ellipsis Labs creation that has been open-sourced for easy access and modification by development community. The decision is in keeping with the firm’s objective of creating freely available DeFi solutions. In addition, Ellipsis Labs has introduced its bug-bounty program. It offers up to $100k for each security hole that is discovered and reported. By taking this step, they hope to make the platform more secure and protect users’ money.
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With its low transaction fees and quick confirmation times, Solana has become a favourite blockchain network in the DeFi industry. Solana’s potential as a platform for decentralized finance applications was a major factor in Ellipsis Labs’ decision to launch Phoenix on the network.
Phoenix DEX Beta Release on Solana Mainnet Marks Significant Milestone for Ellipsis Labs and DeFi Industry
The launch of Phoenix coincides with a time when the DeFi market was experiencing significant growth. Decentralized exchanges are gaining popularity among traders as a result of the fact that they do not keep customers’ cryptocurrency in custody. They are able to give customers access to a wide range of cryptocurrencies. Ellipsis Labs hopes to capitalize on this trend by providing traders with access to a reliable and feature-rich trading platform after the beta release of Phoenix. The company’s goal is to capitalize on the popularity of cryptocurrencies.
For both Ellipsis Labs and DeFi industry as a whole, Phoenix’s beta release on Solana mainnet is a watershed moment. With its bug bounty program, open-source nature, and compatibility with Jupiter Exchange, this platform is a great choice for investors who want to take part in the developing blockchain-based financial system. It will be interesting to see how Phoenix and other decentralized exchanges evolve to meet the needs of users as the DeFi space develops further.
