Ellipsis Labs is set to launch its decentralized exchange Phoenix on the Solana network. The co-founder, Eugene Chen, believes that Ethereum DeFi has given up on the goal of having a large portion of financial transactions happening on-chain. He argues that Ethereum’s infrastructure limitations and high transaction costs hinder the development of a global financial system. Chen states that Phoenix aims to offer a truly decentralized exchange with on-chain price discovery and fair matching engines. He believes in the vision of DeFi where everything operates on-chain to disintermediate trust. The article also mentions upcoming events and provides links to additional news and research content.

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