1/ Phoenix is the first limit order book DEX that is fully on-chain, non-custodial, atomically composable, and crankless.
Weโre excited to announce Phoenixโs beta launch, the open-sourcing of the Phoenix program, and Phoenix's bug bounty initiative.
๐ฅ๐ฆ
Phoenix is a top 10 spot DEX by volume across all chains. ๐ฅ๐ฆ
Phoenix often reaches $100M+ daily volume with less than $6M TVL since active market makers can operate more efficiently. The fully on-chain orderbook model unlocks a new level of capital efficiency.
Integration update: Phoenix ๐ค
@JupiterExchange
$150m of Jupiter's volume has been routed through Phoenix this month. ๐ฅ๐ฆ
With this integration, traders on Jupiter benefit from better prices.
All members with an Early Bird role have been whitelisted for early access to the Phoenix UI!
Be one of the first to trade on Phoenix. Details in Discord.
๐ฅ๐ฆ
See the contrast in gas fees across different chains?
Solana's low fees unlock potential that would otherwise be impossibleโbringing next-gen DeFi experiences to users.
1/7 ๐งตPhoenix has been on the top of the SOL/USDC market for decentralized exchanges.
But how do decentralized exchanges compare to centralized exchange markets?๐ค
Phoenixโs fully on-chain orderbook can process up to 1,000 transactions per second on every market.
The future of trading is here. Trade on-chain with Phoenix today.
Fully on-chain orderbooks are uniquely enabled by high throughput.
Thatโs why weโve chosen
@solana
, the superior blockchain, to bring the speed you need for a great trading experience. ๐ฅ
Weโre excited to announce that
@DriftProtocol
has integrated with Phoenix!
By routing trades through Phoenix, Drift users can now get better prices on trades. ๐ค
Maker rewards have landed, courtesy of
@jito_sol
. ๐ฅ๐ฆ
2,500 $JTO will be distributed weekly to active market makers on Phoenixโs JitoSOL/USDC market.
@Jito_sol
will distribute the rewards proportionally by maker volume over the next 4 weeks.
Tired of waiting for trade settlements?
For the first time ever on Solana, experience the speed and efficiency of crankless trade execution with Phoenix. Coming soon to the public.
Maker rewards have landed, courtesy of
@jito_sol
. ๐ฅ๐ฆ
2,500 $JTO will be distributed weekly to active market makers on Phoenixโs JitoSOL/USDC market.
@Jito_sol
will distribute the rewards proportionally by maker volume over the next 4 weeks.
๐Security is a top priority for Phoenix.
Weโre thrilled to announce that Phoenix has been thoroughly audited by
@osec_io
, one of Solanaโs leading security firms.๐ฆ ๐ฅ
The mobile UI for Phoenix has landed.๐ฑ๐ฆ
You can now trade on Phoenix from your phone.
Experience the power of performant, decentralized trading on the go with Phoenix.
Interested in building on Phoenix? ๐
Enter the OPOS Hackathon and earn your share of the 8000 USDC in prizes available.
Join
@jarxiao
, co-founder of
@ellipsis_labs
, tomorrow in the Phoenix Discord at 9PM EDT to learn more.
Weโre thrilled to share our integration with
@JupiterExchange
, Solana's top aggregator!
๐ Thus far, Phoenix has brought major price improvements to Jupiter traders with $100M+ facilitated in volume.
Right now, Phoenix is live on mainnet for developers to interact with.
Our team is hard at work creating a UI to expand access for allโbringing users the familiarity of a CEX, with the trustlessness and auditability of a DEX.
Coming soon ๐
1/ We're excited to announce our new Verified Builds tool for Solana.
A seal of authenticity for programsโenhancing security, trust, and transparency.
What sets Phoenix apart, as a fully on-chain exchange?
1โฃTransparency: Every transaction is permanently logged on-chain.
2โฃPublic source code: Verified by auditors, and verifiable by anyone.
3โฃComposability: Liquidity is atomically accessible to all Solana applications.
Furthering our commitment to security, Phoenix is introducing a bug bounty program to leverage the talent of the security community.
๐ย Report a bug, earn up to $100,000.
๐ฅPhoenix has one-click confirmations for swaps and instant withdrawals after limit order execution.
Weโve eliminated the friction for the smoothest on-chain trading experience.
5/9 โก Instant Settlement:
Older limit order book designs on Solana required a "crank" to settle trades, locking funds and delaying settlements.
Phoenix uses a crankless mechanism, so that trades settle atomically and instantly.
6/9 ๐ Sustainable Liquidity:
Phoenix empowers professional market makers to add liquidity precisely where they want to.
This enables market makers to provide deep liquidity, reducing slippage for trades, without relying on unsustainable incentives.
7/9 ๐ Data Accessibility:
Phoenix logs all market events in a digestible format on-chain, for consumers to view and monitor activity.
So itโs easy for teams like
@ledger_top
to index and analyze Phoenixโs on-chain activity.
๐ฅ Ignite your
#DeFi
journey with Phoenix, an innovative project by
@ellipsis_labs
! As a trailblazer in fully on-chain, non-custodial, and atomically composable limit order book DEXs on
@solana
, Phoenix has astoundingly processed over 7.3M transactions, boasting a total volume
4/9 ๐ Composability:
Phoenix is Solana's liquidity hub, designed for maximal interoperability.
This means any Solana application can easily access Phoenixโs deep liquidity.
2/9 ๐ DeFi promises an open and transparent financial system. But today itโs just not competitive with traditional finance.
Phoenix brings the efficiency of centralized trading with the openness, transparency, and composability of DeFi.
5/7 Phoenix is revolutionizing DEX trading with extremely low fees and high speed. Weโve chosen to build on Solana to support this.
Solana's fast block time and low transaction cost enable users to have an experience similar to a CEX, but fully decentralized.
6/7 We've designed a system where trades settle atomically, without relying on someone else to pull the crank.
This means funds are immediately available post-trade, improving speed, flexibility, and overall user experience.
4/7 CEXs (like Binance or Coinbase) have been the go-to places for crypto trading, mainly due to their speed, low latency, and how easy it is for new users to get started.
High fees and slow speeds can discourage active trading on DEXs.
6/7 New technology and protocols are making DEXs faster, more efficient, and more appealing for traders.
This is likely why we have seen more volume on DEXs this year than ever in history.๐
1๏ธโฃLow fees
Solana has extremely low fees, primarily due to decreased block times and larger block sizes.
This allows Phoenix to match and execute all orders on-chain.
See the contrast in gas fees across different chains?
Solana's low fees unlock potential that would otherwise be impossibleโbringing next-gen DeFi experiences to users.
3๏ธโฃSpace for innovation
The developers behind Phoenix are constantly pushing the boundaries of what is possible on Solana.
Phoenix is the first orderbook DEX to bring instant withdrawals to users on Solana, making it even easier to trade and move your assets.
5/7 While the "crank" system was essential for Solana's transaction settlement, weโve crafted a new approach.
Phoenix is introducing Solanaโs first
#crankless
on-chain trading mechanism.
2๏ธโฃHigh speed
Phoenixโs orderbook requires efficiency and speed.
Solanaโs network can process thousands of transactions per second.
Other chains lack the performance needed to support Phoenixโs daily transaction volume.