Ellipsis Labs introduces Phoenix Perpetual to Solana, making it the next step in crankless, high-performance derivatives trading on the blockchain. Solana highlights that this release is a significant upgrade to its ecosystem with the introduction of a perpetual futures exchange that is completely on-chain, has significantly shorter orders, and is sustained by abundant liquidity from day one. Additionally, it confirms that Solana is making technological advances in DeFi at a time when efficiency and reliability are emerging as fundamental competitive advantages for L1 blockchains that can host financial applications.
Real-time performance and execution highlights
The demo video demonstrates the platform’s ability to accept trades of up to $8 million and have a price impact of less than 1 bps, demonstrating the power of the underlying liquidity model. In this moment, Solana took the opportunity to highlight its gasless implementation, instant signing with QR wallet authentication, and lack of cranks that once limited on-chain engine throughput. These features allow traders to place and update orders in near real-time and experience little to no slippage, even when making large trades. This change highlights Solana’s focus on providing a real-time responsive trading experience in a fully secure, on-chain payment environment.
Phoenix spot’s momentum continues
Ellipsis Labs is built on the same verifiable crankless orderbook technology that powers Phoenix Spot, which currently delivers over $1 billion in monthly trading volume. This growth strengthens Solana’s ecosystem by opening up integrated assets in spot and derivatives markets. Developers will be provided with a more consistent infrastructure to create more sophisticated financial products, and traders will be provided with a more predictable environment to exercise deep liquidity to achieve tighter spreads and guaranteed execution. This relocation serves to increase competition in legacy Perps DEXs that use off-chain matching and slow execution paths. Solana now claims to be a chain capable of carrying large derivatives flows at a scale that depends on demand. This introduction will allow Solana to move further into the space occupied by large centralized exchanges, which will be a prerequisite for the development of DeFi derivatives in the long term.