Casaa
18.3K posts
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: 0.005% vs 0.03%
• Taker: 0.035% vs 0.09%
• Referral share: 30% vs 10%
If you're shilling a referral link, Phoenix pays 3x more for it.
Volume
Hyperliquid is way out ahead:
Hyperliquid: $170B 30D volume, $8.7B OI
Phoenix: ~$20M daily volume, $3.6M OI
Under 1% on both. Keep in mind it’s not really a fair comparison as Phoenix is still in beta.
Distribution
Hyperliquid airdropped 310M HYPE to 94,000 wallets with no vesting and no insiders. Which led to their hardcore community.
Phoenix has said there’s no points and no airdrops coming. So I’m not really sure if the cheaper fees will be enough incentives for people to move over.
Will test Phoenix once I get access.
What do you guys think?
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SLX TGE is moving to May 25.
We don’t take decisions like this lightly. Feedback from our partners made the best path clear: launch at the start of the week with stronger conditions for liquidity and market momentum.
The extra time gives the team and the 40+ key partners supporting this launch 4 more days of additional preparation.
Strap in.
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Pacifica Swim is here! 🌊
Watch a market price chart, tap the zones you think the price will move into, and get paid out when you're right.
Watch the full experience in action ⬇️
Pacifica@pacifica_fi
Pacifica Swim Dash Competition is live! 🐬 1,000,000 points up for grabs over the next month. Trade on Swim and you’re automatically in, no signup, no balance requirements, just trade and compete. ⏰ Ends 15 June, 2pm UTC. Details: discord.gg/pacifica
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The State of affairs of native perp DEXs on Solana ecosystem :
1. DRIFT : VC funded, got exploited for $280 million recently, near to extinction.
2. Jupiter: VC funded, X handle hacked and scam token launches, future seems futureless.
3. Pacifica: Self funded, Fast shipping products, dedicated and hard working team but left neglected by Solana. Future is bright as a product is all about team and community and not vc and KOLs.
4. Phoenix Trade : Recently in news, ofc VC funded and backed by Solana devs.
The aggressive backing and promotion of Phoenix instead of well established Pacifica DEX by the Solana Foundation speaks volume about the murky future of this nex dex.
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When we started building in 2025, we picked Solana because it was the best chain for what we wanted to do and I was personally bullish on the ecosystem. We had no grants nor raised any funds from investors. We wanted to build a great product first and let the market decide.
A year and a half later, Pacifica contributes a major part of perp volume on Solana. The market defined us as a Solana perp DEX and users solidified it organically before we ever pushed that narrative. Many people have asked me if our growth came from Foundation support. The answer is no.
Regardless of what the Foundation chooses to back, we have consistently driven flow to the network since day one. Our TVL sits on Solana, trades settle onchain, and we built a unified margin system that supports $SOL as the only non-stablecoin collateral. These are the facts.
DeFi exists across a broad spectrum of execution quality, liquidity depth, and transparency. Builders should be free to explore different architectures without being dismissed for not fitting a specific mold.
We're proud of what we've built and grateful to every trader and community member who got us here. We will keep shipping what the market demands.
No hard feelings. Keep building 🐬
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Locked in at #270 on @fastdotpoker. Be the first to play and mint $FP at launch. Secure your spot: fast.poker/?r=3P2FDDZ2
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Casaa retweetledi
@epicentral_ @solana Trading options on solana sounds based and long over due , I’m hyped to try it out .
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@solana We'll be sharing access codes in the upcoming days; let us know why you deserve one 🪪 beta.epicentral.markets/?utm_source=x_…
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Options are finally coming to @Solana.
Join the Epicentral devnet with the link in the replies
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