The weight of this news today is greater than most people realize:
Solana officially announced:
Phoenix Perp (native perpetual contract DEX) has begun internal testing and opened a waiting list.
The launch party is Ellipsis Labs——
It's the team that rewrote the AMM on Solana to look like a 'market-making engine'.
In a nutshell:
Finally, a true native Perp DEX appears on Solana that can challenge CEX.
not an interface, not a semi-off-chain solution, it's purely on-chain, purely Solana engine.
This is not an application launch,
This is the eve of the second explosion of Solana DeFi.
**I｜Why is the emergence of Phoenix Perp significant?
Because what Solana lacks is not applications, but 'the entrance to perpetual contracts'**
The Solana ecosystem has exploded in the past two years:
Meme exploded
AMM exploded
NFT exploded
DEX exploded
Social exploded
But the entire ecosystem has always lacked a key weapon:
A perpetual contract DEX that can support high-frequency trading, low latency, native implementation, and on-chain matching.
The three major challenges of on-chain perpetuals are:
Price delay
Matching congestion
Liquidation handling speed
These three points,
Ethereum can't do it,
L2 is also not stable enough,
Most public chains have insufficient performance.
And Solana's high TPS + native ledger structure
Just perfectly taking on the extreme scenario of Perps.
The launch of Phoenix Perp means:
Solana has finally completed the most critical piece of the financial application puzzle.
II｜Why can Ellipsis Labs do this? Because it has proven itself capable of rewriting Solana DeFi
Phoenix is not a rogue team.
Ellipsis Labs is a game changer in the AMM field on Solana.
Their characteristics:
✔ Research is very deep
✔ Engineering capabilities are extremely strong
✔ The design structure is extremely light
✔ A deep understanding of Solana's native operating mechanism
In the AMM field, they have already achieved—
“Efficiency is almost insane.”
Now they apply the same engineering standards,
Moved to Perp.
This means that Phoenix Perp has the potential to achieve:
On-chain matching speed comparable to centralized
Transaction fees are extremely low
Slippage is extremely low
Liquidation and funding rate mechanisms are more precise
High-frequency trading can be implemented on-chain
Once such products succeed,
The impact on the entire DeFi is structural:
Off-chain transactions will be migrated to on-chain.
III｜Why is Solana officially pushing this? Because this is Solana's 'strategic track'
Solana officially retweets, follows up, and reports through official channels
This indicates:
Phoenix Perp is a key project that the Solana ecosystem is willing to bet on.
The reason is straightforward:
→ The largest traffic entrance in the Ethereum ecosystem is perpetual
→ Base and Optimism have already started grabbing users
→ Users from Binance and OKX have started to turn to on-chain
→ Coinbase has just opened Solana DEX functionality in the app
The perpetual market is a traffic pool that can swallow everything:
Daily trading volume exceeds spot
User stickiness is extremely strong
Funding depth is completely accumulable
Ecosystem value can be amplified exponentially
Whoever has Perp users,
Whoever has it owns the on-chain financial landscape.
Solana will certainly grab it.
**IV｜The internal test of Phoenix Perp is not a 'small scale test',
But it is the preparatory action for Solana DeFi's new cycle**
Please note:
It's not the mainnet launch, but internal testing + waiting list.
This means three signals:
1）Project maturity is high, entering the validation phase
It's not a PPT, it's not a concept, but a runnable product.
2）The ecosystem is ready to let core users get involved early
Early participants are often the first beneficiaries of airdrops, governance, and incentives.
3）The next narrative of Solana DeFi will revolve around 'on-chain perpetuals'
AMM → DEX → LST → RWA → Meme
The next wave of trends must be:
Solana's native derivatives explosion.
V｜Why is this wave also good for SOL itself? Because this is demand driven on a large scale
Once Phoenix Perp starts running, it will directly promote:
SOL on-chain trading volume
The scale of SOL staking
SOL transaction fee revenue
SOL ecosystem TVL
SOL ecosystem liquidity
The on-chain usage rate of SOL
This is the simplest economic model:
All Perps need the underlying token as Gas.
When the usage comes up,
The value capture of SOL will grow exponentially.
You have already seen the example of Ethereum:
On-chain financial prosperity = continuous rise in token value.
Solana will also follow this rule.
Writing to this point, I suddenly realize:
What many see is just:
“A new Solana perpetual DEX has been launched.”
But what really happens is:
Solana finally has a complete on-chain financial closed loop:
Spot → Market Making → Perpetual → High-frequency trading → AMM → Cross-chain → Wallet → Distribution → User-end entrance
And Phoenix Perp is the arrow that completes the last weapon.
This ecosystem is increasingly resembling an 'on-chain version of Binance.'
And Phoenix is its derivatives engine.$SOL
