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Over the previous few months, individuals concerned in Solana DeFi have been asking questions on SolFi, a DEX that sprang up in November and nearly instantly captured over 20% market share on swaps between stablecoins and SOL.
SolFi was in a position to quote higher costs than rivals, however not less than one enterprise companion I spoke to didn’t know who was behind the brand new trade earlier than at this time. Usually, few appeared to be within the loop as to how SolFi was attaining such good costs.
Right now, Ellipsis Labs — a DeFi store at the moment constructing an Ethereum layer-2 that makes use of Solana’s software program referred to as Atlas — publicly claimed credit for creating SolFi.
In an announcement on X, Ellipsis Labs co-founder Eugene Chen mentioned the DEX “got here from our deep understanding of the market construction on Solana.” Previous to constructing Atlas, Ellipsis created an orderbook Solana DEX referred to as Phoenix.
SolFi has no frontend, however Chen added that the DEX had partnered with Jupiter Change to deliver the product to retail merchants. SolFi is one in all 51 DEXs which can be a part of Jupiter’s swap aggregator, however it at the moment makes up for 25% of Jupiter quantity — way over every other DEX — in accordance with a Dune dashboard.
The Solana rumor mill tended to purpose that SolFi’s creators needed to be somebody with roots within the community, and Ellipsis actually appears to have the technical chops to suit the invoice.
“The Ellipsis Labs workforce are a number of the most proficient SVM builders within the ecosystem. It must be no shock, given what they’ve constructed with Phoenix and Atlas, that they’ve additionally been capable of finding success with SolFi,” Switchboard co-founder Chris Hermida mentioned.
SolFi isn’t the one nameless Solana DEX. Orbic and ZeroFi are different newer Solana DEXs which have commanded vital buying and selling volumes with out publicly disclosing who their builders are.
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