Phoenix, the creators of the Solana-driven DEX (decentralized exchange), recently obtained 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 several other prominent industry players.

It's worth noting that a number of prominent figures within the Ethereum community also supported the development of Ellipsis. Among them are Ethereum researchers Mike Neuder and Justin Drake, Tim Deiko from the Ethereum Foundation, and Sreeram Kannan, the Founder of EigenLayer.

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

Nick van Eck, the younger heir of the VanEck investment management firm, raised $20 million for Agora, a startup powered by a stablecoin, in a seed funding round led by Dragonfly Capital. Van Eck discussed how he had spent his career developing investment strategies based on the visions of other notable founders but chose this opportunity to build the future of a company he had always believed in. Through AgoraDollar, he aims to create a more financially inclusive future, offering borderless access to financial opportunities and wealth preservation.

The firm emphasizes that AgoraDollar will be the first fully collateralized stablecoin pegged to the USD, although it has not yet been launched. A team of developers has indicated that the stablecoin will differ significantly from existing products, which are currently only available in select markets outside the United States.

Other noteworthy fundraising activities include:

Xion raising $25 million for its Blockchain focusing on abstraction.

Merkel Trade securing $2.1 million for its social decentralized exchange.

Sei announcing a $10 millionso investment in its NFT ecosystem platform.

There are also rumors circulating about Paradigm raising a fund worth $850 million.