i am extremely pilled on what ellipsis labs has built. with the Gavel launch aiming to make "real" token launches fair and accessible, i think they have the stack to actually bring the internet capital markets to life

Gavel process:

1. initial public sale

2. token launches in AMM

3. maturation into efficient trading venues

the key difference is step 2 being transient. gavel recognizes that traditional AMMs are very useful for bootstrapping liquidity and initial price discovery, but now underperform more efficient designs. it also uses a sandwich resistant amm design to improve market structure here

liquidity is then gradually removed from the AMM under the assumption that the market structure around the token matures over time... and for example gets integrated into more performant models like solfi. its a beautiful compliment to their existing products

very cool to see the evolution of their products from rapid iteration and understanding of what the market needs

> build orderbook, see that current solana limitations hurt ux

> build solfi in response, improving price quotes vs trad AMMs. dominate volume on Phoenix

> acknowledge there is no good way to launch a real token, create gavel as the complement to their existing stack by feeding solfi/phoenix new good tokens