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In recent months, people involved in Solana Defi have asked Solfi, a Dex who emerged in November and have almost immediately conquered more than 20% market share on Swaps between Stablecoins and Sol.
Solfi was able to quote better prices than competitors, but at least one business partner with whom I spoke did not know who was behind the new stock exchange today. In general, few seemed to be aware of how Solfi reached such good prices.
Nowadays, Ellipsis Labs-a Defi-store that is currently building an Ethereum-Laag-2 that Solana’s software called Atlas used-using-public credit claimed for the development of Solfi.
In an announcement on X said co-founder of Ellipsis Labs, Eugene Chen, the Dex “came from our deep understanding of the market structure on Solana.” Prior to building Atlas, Ellipsis created an orderbook Solana Dex called Phoenix.
Solfi has no frontend, but Chen added that the Dex had collaborated with Jupiter Exchange to bring the product to retail traders. Solfi is one of the 51 DEXs that are part of Jupiter’s Swap -aggregator, but it currently makes up for 25% of the Jupiter volume – much more than any other Dex – according to a dune dashboard.
The rumor mill of Solana tend to reason that the makers of Solfi had to be someone with roots in the network, and Ellipsis certainly seems to have the technical pork chops that matched the bill.
“The Ellipsis Labs team are among the most talented SVM developers in the ecosystem. It should not be a surprise, seen what they have built with Phoenix and Atlas, that they have also been able to find success with Solfi,” said co-founder of Switchboard Chris Hermida.
Solfi is not the only anonymous Solana Dex. Orbic and Zerofi are other newer Solana Dexs that have offered important trade volumes without publicly announcing who their developers are.
