# Ellipsis Labs

> Ellipsis Labs builds decentralized trading applications and financial infrastructure. Its products include Phoenix perpetuals, the Phoenix Legacy spot order book, SolFi liquidity systems and Atlas, a purpose-built blockchain using a custom Solana Virtual Machine implementation.

- **Founded:** 2022
- **Headquarters:** New York, United States
- **Founders:** Eugene Chen (Co-founder), Jarry Xiao (Co-founder and engineering lead)
- **Products:** Phoenix Legacy, Atlas, SolFi, Plasma, Gavel
- **Notable:** Reported $250 million in Phoenix spot volume without external incentives by August 2023., Reported more than $75 billion in cumulative Phoenix spot volume in December 2025., Published Phoenix Legacy source code under the MIT license, an OtterSec audit and build verification instructions.

## Products & services

- **Phoenix Legacy** — Fully on-chain, crankless spot limit order book on Solana with atomic trade settlement.
- **Atlas** — Purpose-built financial blockchain with a custom SVM implementation; announced as an Ethereum-settling Layer 2.
- **SolFi** — Proprietary AMM system for active on-chain liquidity.
- **Plasma** — Open-source reference implementation of a sandwich-resistant AMM on Solana.
- **Gavel** — On-chain token distribution and liquidity bootstrapping platform.
- **Phoenix Perpetuals** — Solana-native perpetual futures venue, introduced in private beta in December 2025.
- **Solana Verified Builds** — CLI for checking that public source code matches deployed Solana programs.

## Achievements

- Reported $250 million in Phoenix spot volume without external incentives by August 2023.
- Reported more than $75 billion in cumulative Phoenix spot volume in December 2025.
- Published Phoenix Legacy source code under the MIT license, an OtterSec audit and build verification instructions.
- Company careers page states that Ellipsis Labs is profitable.

## Latest updates

- **2026-09** — Public GitHub activity includes updates to the Rise developer SDK for Phoenix perpetuals and Rust tooling.
- **2026-05** — Head of Trading Rahul Jain discussed Phoenix perpetuals and market-making economics on The Gwart Show; the episode discloses Ellipsis Labs sponsorship.
- **2025-12** — Introduced Phoenix perpetuals and renamed the original spot exchange Phoenix Legacy.
- **2025-05** — Introduced Gavel for on-chain token distribution and liquidity bootstrapping.

## Links

- Website: https://www.ellipsislabs.xyz/
- LinkedIn: https://www.linkedin.com/company/ellipsis-labs/
- Twitter/X: https://x.com/ellipsis_labs
- GitHub: https://github.com/Ellipsis-Labs

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Profile page: https://yespress.io/ellipsis-labs
Published by YesPress — https://yespress.io
Last updated: 2026-10-05