Phoenix, a software development team behind the Solana-powered DEX (decentralized exchange), recently secured approximately $20 million in Series A funding for Ellipsis, one of their startups. The funding round was led by Paradigm in collaboration with Electric Capital and various other industry leaders.

Notably, several prominent figures within the Ethereum community also supported Ellipsis' development, including Ethereum researchers Mike Neuder and Justin Drake, Tim Deiko from the Ethereum Foundation's protocol support team, and Sreeram Kannan, the Founder of EigenLayer.

The diverse group of investors attracted attention from the popular social media platform X, prompting immediate reactions from users regarding the partnership between individuals from competing ecosystems.

In a separate development, Nick van Eck, the younger heir of VanEck investment management firm, raised $20 million for Agora, a stablecoin-powered startup, in a seed funding round led by Dragonfly Capital. Van Eck discussed his career spent developing investment strategies based on the visions of other notable founders and expressed his decision to build the vision and future for a company he deeply believed in this time around. Through the creation of AgoraDollar, he aims to establish a more financially inclusive future, offering borderless access to financial creators and wealth preservers.

AgoraDollar will be the first product to be a fully collateralized stablecoin pegged to the USD. The stablecoin, known as AUSD or Agora Digital Dollar, is yet to be launched. The development team emphasized that the stablecoin will offer a unique product vastly different from current offerings, catering to markets beyond the United States.