In recent months, the decentralized exchange (DEX) SolFi, which emerged in November, garnered attention for capturing over 20% market share for swaps between stablecoins and SOL. Despite offering competitive pricing, the identity of SolFi’s creators remained largely a mystery until today. Ellipsis Labs, a DeFi firm building an Ethereum layer-2 called Atlas, has publicly claimed responsibility for the development of SolFi. Ellipsis Labs co-founder Eugene Chen stated that their insight into the Solana market structure enabled the DEX's success. Previously, Ellipsis developed another Solana DEX, Phoenix. Although SolFi lacks a traditional frontend, it partners with Jupiter Exchange to provide accessibility to retail traders, contributing 25% of Jupiter’s trading volume. Experts recognize the Ellipsis Labs team as highly skilled in Solana's environment, further validating their ability to create successful products within the ecosystem. SolFi is one of several anonymous DEXs on Solana, alongside Orbic and ZeroFi, both of which also operate without disclosing their developers.

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