TLDR:
- Narrative: $IBRL is a test token for Gavel, a platform by Ellipsis Labs aimed at promoting fair on-chain token distribution, with interactions from big names and a focus on experimental mechanics.
- Market Performance: The Solana-based token has reached an ATH market cap of $67.73 million, with a current market cap of $29.8 million and a 24-hour trading volume of $8.0 million as of May 22, 2025.
IBRL ($IBRL), touting a contract address of ibRLJrmgVuZh3tdDpjGgU5CQCCxpxuer7B7ckjGdLsv, has emerged as a key cryptocurrency in the market with a total 24-hour trading volume of $8.0 million as of May 22nd, 2025. The token has seen a market cap of $67.73 million on an all-time high (ATH,) but stands at $29.8 million.
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The genesis of $IBRL is as a test token of the Gavel protocol developed by Ellipsis Labs that looks for solutions toward fair on-chain token distribution, according to their web portal. $IBRL is merely a test token used for demonstrating the Gavel protocol in production and will not ever be used for any future or existing application other than this testing scenario. Despite this, the project has garnered substantial attention due to interactions from a bunch of big names in the crypto space, creating a wave of FOMO (fear of missing out) in the market.
The team behind Ellipsis Labs is renowned as one of the most OG (original) builders on Solana, with a track record of innovative projects. Their previous venture, Phoenix, established them as leaders in the Orderbook protocol on Solana, leveraging their expertise in high-frequency trading (HFT) and market microstructure. This expertise has now been applied to SolFi, the largest Private Market Maker (PMM) on Solana, further solidifying their reputation. The founder of Ellipsis Labs, @0xShitTrader, is deeply involved in cutting-edge research institutions like @UmbraResearch, which released the research behind Gavel’s anti-sandwich AMM last year. This research, along with audited contract code, was open-sourced, though $IBRL itself is experimental, validating the mechanics of the entire platform. The combination of Ellipsis Labs’ credentials and the technical foundation of Gavel positions $IBRL as a project with significant potential, despite its test nature.
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