Ellipsis Labs introduces Phoenix Perpetuals on Solana, making it the next step in high-yield, crankless derivatives trading on the blockchain. Solana emphasizes that this launch has been a significant improvement for its ecosystem due to the introduction of a perpetual futures exchange that is completely on-chain, orders with significantly low latency, and remains highly liquid from day one. Furthermore, it supports that Solana is making technological advances in DeFi, just as efficiency and reliability have emerged as the fundamental competitive advantages of any L1 blockchain that can host financial applications.
Real-time performance and execution highlights
The demo video demonstrates the platform’s ability to trade up to $8 million and have less than 1 basis point price impact, demonstrating the power of the underlying liquidity model. At this time, Solana takes the opportunity to highlight its gasless implementation, immediate signing with the help of QR wallet authentications, and the lack of cranks that once restricted the performance of chain engines. With these features, traders can place and update orders in near real-time and experience little slippage even when placing large trades. This change highlights the value Solana places on delivering real-time responsive trading experiences in a security-rich, fully on-chain settlement environment.
Continuing the momentum of Phoenix Spot
Ellipsis Labs is built on the same verifiable crankless order book technology that powers Phoenix Spot, which currently serves over $1 billion of monthly trading volume. This growth enhances Solana’s ecosystem as it opens up joint assets in the spot and derivatives markets. It provides a more consistent infrastructure for developers to create more sophisticated financial products and for traders a more predictable environment to exercise deep liquidity for tighter spreads and guaranteed execution. The relocation serves to intensify competition against legacy DEX criminals that use off-chain matching or slow execution paths. Solana now claims to be a chain that can transport large derivatives flows with scale on demand. This introduction allows Solana to move further into the space occupied by large centralized exchanges and conditions the development of DeFi derivatives in the long term.
The post Phoenix Perpetuals Launches Solana Positions for New Era of On-Chain Derivatives appeared first on Coinmania.
