Ellipsis Labs Reveals Role in SolFi's 25% Jupiter Volume Share

Generated by AI AgentCoin World
Thursday, May 1, 2025 5:12 pm ET1min read
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Ellipsis Labs, a DeFi firm currently developing an Ethereum layer-2 solution called

Atlas
that utilizes Solana’s software, has publicly announced its involvement in the creation of SolFi, a mysterious decentralized exchange (DEX) that has garnered significant attention in the Solana DeFi ecosystem. SolFi, which emerged in November, quickly captured over 20% of the market share for swaps between stablecoins and SOL, raising questions about its origins and the technology behind its competitive pricing.

SolFi’s ability to offer better prices than its competitors has been a topic of discussion among those involved in Solana DeFi. However, the identity of the developers behind SolFi remained unknown until Ellipsis Labs’ announcement. The company’s co-founder, Eugene Chen, attributed SolFi’s success to their deep understanding of the market structure on Solana. Prior to developing Atlas, Ellipsis Labs created an orderbook Solana DEX called

Phoenix
, demonstrating their expertise in the field.

SolFi operates without a frontend but has partnered with

Jupiter
Exchange to make its services accessible to retail traders. As part of Jupiter’s swap aggregator, SolFi currently accounts for 25% of Jupiter’s volume, significantly more than any other DEX in the aggregator. This partnership has been crucial in bringing SolFi’s advanced pricing capabilities to a broader audience.

The Solana community had speculated that SolFi’s creators must have a strong background in the network, given the DEX’s technical prowess. Ellipsis Labs’ announcement aligns with these speculations, as the company is known for its talented team of SVM developers. Switchboard co-founder Chris Hermida praised Ellipsis Labs, stating that their success with SolFi is not surprising given their previous achievements with Phoenix and Atlas.

SolFi is not the only anonymous Solana DEX that has gained significant traction. Other newer DEXs, such as Orbic and ZeroFi, have also commanded substantial trading volumes without disclosing the identities of their developers. These anonymous DEXs have contributed to the dynamic and competitive landscape of the Solana DeFi ecosystem, driving innovation and pushing the boundaries of what is possible in decentralized finance.