Phoenix

We’re linking up with @MeteoraAG during the Digital Asset Summit in New York next week! @0xsoju, @0xShitTrader, and others will dig into where DeFi and policy are headed. Join the conversation and stay for drinks after. RSVP below.

No user will ever care, but building fully on-chain perps on Solana is really technically challenging. I respect all the teams who have attempted this Herculean task in the past: Drift, Zeta, Mango, Jupiter to name a few. Many of these teams have found success with real users, but I think it’s fair to say that all of them had to make product tradeoffs as a direct result of Solana’s programming model. We achieved: - Price time priority on user limit orders with built-in margin - Synchronous matching (no crank) - Lazily accumulating funding payments - Low compute quote updates for makers - Platform-wide cross and isolated margin This required innovation on the core system architecture. I usually don’t like talking about this because, in my eyes, these properties are table stakes for being competitive with any centralized exchange. Our users won’t care about the sick tech, but they will care about how good the product feels. We moved mountains to build @PhoenixTrade. No on-chain vault + off-chain matching. No compromises on microstructure. No vapor. All of the program code will be made source-available at general launch.

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