Solana (SOL)

A bunch of large Solana accounts have been shilling @PhoenixTrade lately. So I went digging to see what's actually different about it vs Hyperliquid. Background Drift got drained for $285M a few months ago. A lot of that volume migrated over to Hyperliquid, and there's a real void in Solana perps. So the OG Solana crew is pushing Phoenix to take over. Phoenix is a perp DEX built by Ellipsis Labs. And they raised $44M from Paradigm, Electric Capital, and Toly personally The orderbook The piece that caught my eye is how the orderbook works. Phoenix combines a standard FIFO orderbook with something they call Spline Liquidity, where market makers publish a midpoint and a curve and Phoenix turns it into orderbook levels automatically. A quote update costs 600 compute units. On a traditional perp DEX model it costs around 300,000. So MMs can refresh quotes way more often without paying for it, which in theory means tighter spreads at scale. Fees Phoenix is roughly 6x cheaper across the board: • Maker: 0.0

So far this week V2 surpassed $25M in volume, now almost 200k trades, open interest near ath, new daily volume ath yesterday and now almost 2k users 🏎️ Up next: - lp token deposits - trading competition - all time stats page - Solana mainnet - mobile app

A bunch of large Solana accounts have been shilling @PhoenixTrade lately. So I went digging to see what's actually different about it vs Hyperliquid. Background Drift got drained for $285M a few months ago. A lot of that volume migrated over to Hyperliquid, and there's a real void in Solana perps. So the OG Solana crew is pushing Phoenix to take over. Phoenix is a perp DEX built by Ellipsis Labs. And they raised $44M from Paradigm, Electric Capital, and Toly personally The orderbook The piece that caught my eye is how the orderbook works. Phoenix combines a standard FIFO orderbook with something they call Spline Liquidity, where market makers publish a midpoint and a curve and Phoenix turns it into orderbook levels automatically. A quote update costs 600 compute units. On a traditional perp DEX model it costs around 300,000. So MMs can refresh quotes way more often without paying for it, which in theory means tighter spreads at scale. Fees Phoenix is roughly 6x cheaper across the board: • Maker: 0.0

solana should be focusing on: i) continued spot listings (and making bridges more robust) ii) onchain binary markets, especially for tail assets iii) capital formation (metadao is a gem, should be "kingmade" more so to speak) iv) privacy (we will handle this) v) vaults