Edgy - The DeFi Edge 🗡️ (@thedefiedge)

A bunch of large Solana accounts have been shilling @PhoenixTrade lately. So I went digging to see what's actually different about it vs Hyperliquid. Background Drift got drained for $285M a few months ago. A lot of that volume migrated over to Hyperliquid, and there's a real void in Solana perps. So the OG Solana crew is pushing Phoenix to take over. Phoenix is a perp DEX built by Ellipsis Labs. And they raised $44M from Paradigm, Electric Capital, and Toly personally The orderbook The piece that caught my eye is how the orderbook works. Phoenix combines a standard FIFO orderbook with something they call Spline Liquidity, where market makers publish a midpoint and a curve and Phoenix turns it into orderbook levels automatically. A quote update costs 600 compute units. On a traditional perp DEX model it costs around 300,000. So MMs can refresh quotes way more often without paying for it, which in theory means tighter spreads at scale. Fees Phoenix is roughly 6x cheaper across the board: • Maker: 0.005% vs 0.03% • Taker: 0.035% vs 0.09% • Referral share: 30% vs 10% If you're shilling a referral link, Phoenix pays 3x more for it. Volume Hyperliquid is way out ahead: Hyperliquid: $170B 30D volume, $8.7B OI Phoenix: ~$20M daily volume, $3.6M OI Under 1% on both. Keep in mind it’s not really a fair comparison as Phoenix is still in beta. Distribution Hyperliquid airdropped 310M HYPE to 94,000 wallets with no vesting and no insiders. Which led to their hardcore community. Phoenix has said there’s no points and no airdrops coming. So I’m not really sure if the cheaper fees will be enough incentives for people to move over. Will test Phoenix once I get access. What do you guys think?