Agree with @KyleSamani that the next step to watch is @perps. In terms of competing with Binance, I’ve been looking at multiple venues’ hourly BTC perp close vs Binance BTCUSDT perp, then smoothing the difference over 24h to get a gauge of execution quality. On that basis, Phoenix is already a pretty big improvement from Drift while still being fully inside the Solana VM. 77% of Phoenix hourly observations are within ±5 bps of Binance, with way less ugly downside dispersion than we saw with Drift. Still early, but this is the thing to watch imo. If Solana-native perps keep tightening execution without giving up composability, the same argument we are making for better spot execution will start applying to perps too.