The discourse around Solana over the last month or two has been poor and misguided. We went from focusing on what Solana is incredible at, to trying to force something that is still in its earliest stages.
Solana is the only blockchain and ecosystem continuing to pave the path that was set before our time. We were gifted Vitalik's vision of a decentralized world computer capable of processing all of the world's transactions. Without that vision, there's a chance Anatoly never has those two coffees and a beer and sets out to build the fastest, decentralized, most capital efficient general purpose blockchain capable of recreating the entire financial system onchain.
Solana currently IS the fastest, decentralized blockchain in the world by nearly every metric, and it's only getting faster. Check the chain.
In terms of use cases, Solana is top 2-3 across nearly every single one. Spot, Payments, RWAs, Lending, and the list goes on.
Perpetuals are early. We should keep cheering on and supporting the teams working to make them work on a truly decentralized blockchain. But zoom out, and Solana has accomplished more than most, and will continue to accomplish more than most if we stay focused on supporting all financial use cases.
Stop focusing energy on the wrong things. Focus on the right ones, and let the rest catch up.
Solana.
Memecoin traders don’t define Solana, apparently perp traders don’t either.
Huge props to @vibhu / @SolanaFndn for taking on this challenge and giving me the opportunity. It’s been fun.
Regarding @PhoenixTrade, much better than i thought, there’s still a lot of work that needs to be done, but the team, based on my limited interactions with them, has seemed competent enough to figure it out.
I come out of this with more friends, more experience and more cash to buy $HYPE. Thank you all for following along!
Hyperliquid.
The bad news:
- I lost $10k trading and walked through the fire in a public humiliation ritual
The good news:
- OI grew 50% & volume grew 100% on @PhoenixTrade
- Solana @perps hit all-time highs
- 500 people used my referral code and thousands created accounts on Phoenix this week to try fully onchain perps
Time to return to my regularly scheduled programming.
It's been fun. 🫡
Apparently you can try @PhoenixTrade, do the exact opposite of what @vibhu is doing and you can make money out if it.
This is real alpha and if you are not trading on @PhoenixTrade you are not a trader for @perps
The reason I’m finding the discourse on Phoenix so uninteresting is: there’s little discussion of the problem they’re uniquely solving as the (capable) team’s message is being drowned out in all the back and forth.
Hyperliquid’s success was due to the team solving a major problem of historically poor onchain trading experience.
They solved the problem, and the traders flocked there – without the need for a coordinated shill.
Along the same lines, @kdotcrypto talks often about the detailed execution and margin problems that @bulktrade is solving – which resonates, and the reason I’m a fan and pay attention.
You can listen to my interviews with @0xdoug about the problems he will solve with Ambient – as well as us talking about the problems @TheHUB solves which takes the HL CoLo optimizations to the next level.
(Don’t see anybody offering true CoLo at 7 microseconds, time stamping, and multi-cast in one package – unique problem solving.)
Whereas Phoenix is: “Give Phoenix a spin because we need it to be successful for Solana to redeem itself from the mess we’re in with perps and for us to prosper?”
I guess you’re either solving a problem or activist influencing a potential success to justify a narrative (on its heels).
Probably doing the team at Phoenix a bit of a disservice here tbh as their message getting lost in the mix.
@RobertSagurton and, that would be great, because I can do whatever I want on a single chain...no need to complicate stuff with lots of replicas with way more tradeoffs
@RobertSagurton ?
Solana is a IBRL'd chain, with very little tradeoffs, suitable for perps...if the perp is fully on-chain and composable...well, you added the last piece.
All of this when it’s still in beta…
Probably someone needs to explain them what “beta” means…
Can you stop please? Otherwise other teams need to rise the standard l, it’s not fair
in the last 5 days we:
- announced and launched 24/7 $WTIOIL, $SILVER, $GOLD commodities markets with over 1m of orderbook depth day 1
- listed four new token markets in $JUP, $VVV, $MET, $PUMP
- announced 2 new integrations with @Paystreamlabs and @GetRektApp
- shipped Flight Codes, making us the single source of on-chain @solana perpetuals liquidity and composability
the team is heads down building, we are talking to hundreds of traders every day and making product improvements daily based on their feedback.
big week, big month, big year.
rising.
@R89Capital They are giving you low trading fees.
But to tell the whole story, they are actually airdropping SOL for every trade you make since they cover for the network fees…
And if you know how these things work, a trading strat can turn negative due to fees…
I think most of the fud is because it was told that to have a great perp you need to centralize something, and now that we have a good perp on a decentralized network people still get dragged by the bias.
All complaints I’ve read around are mostly pointless.
Liquidity is not a lack of the tech and most of the features still missing are missing because the product is still in beta…
I use @PhoenixTrade daily basically and if you ask me what’s not working at retail level…well I have hard time to answer that.
I acknowledge it’s in beta and few things are missing, but the experience is great and I only see upside potential.