A flatter distribution of oracle updates has been emerging on @Solana BAM slots since the start of May. This is because the Maker Priority Plugin gives market makers their own lane for oracle updates, helping those transactions land more predictably across the block. To understand why this matters, plus everything @jito_sol including the recent @jtx_trade announcement, join us on the investor relations call tomorrow. Register here:

The @THORChain exploit got me thinking: What other protocols might be at risk? tl;dr — It’s not that threshold ECDSA is unsafe per se, just this particular flavor, and the people who built it have been saying so for years. Here's the full overview of what I learned. Link👇 H/T @banteg @tayvano_ @arik_g 🙏

Realized trades on SOL/USDC are now executing better onchain than on centralized venues like Binance, but that edge starts to break down at larger sizes. This is where @jito_sol’s Maker Priority Plugin helps: giving makers more certainty so they can put more capital on the line. In addition, breaking blocks into 50ms ticks creates a more granular environment for makers to quote, update pricing, and compete onchain. Both should help push better execution to larger trade sizes on @solana.

📣 Tune in for the Jito 2026 Q1 Quarterly Call Wednesday, May 20th from 1-5 PM UTC Themes to be covered: • BAM stake & validator onboarding • broadening protocol revenue • near-term growth catalysts Hosted by @Blockworks ⤵️

Price discovery onchain for @SpaceX Imagine the attention @HyperliquidX will get when it's the primary venue to trade the largest IPO of all time. We saw what weekend markets did for silver earlier in the year...

The decentralization tradeoff is not binary. Every system chooses a different point on the spectrum. The real question is whether that point still enables innovation while remaining open enough to attract the widest range of players. Finding that optimal balance is what matters most for @Solana's market structure as we discussed here on @Lightspeedpodhq with @magicdhz from @jito_sol.

The key thing about @PhoenixTrade isn't whether fees are cheaper to trade. It's the engineering feat they're pulling off. Phoenix is a fully onchain orderbook DEX running on a general-purpose VM. That design lets it compose atomically with arbitrary smart contracts, which means DeFi can plug into it in a far more seamless way than @HyperliquidX's appchain + general VM sidecar model can. That composability is the whole point. Phoenix isn't just a venue, it's infrastructure the rest of Solana DeFi can build on directly. And that's exactly why it maps so cleanly onto the @solana thesis more broadly: one general-purpose chain where execution and composability live in the same place. On this BTC example, Phoenix already tracks Binance materially tighter than Drift, holding 76% of hourly observations within ±5 bps versus Drift's 57%, while also avoiding sharp dispersions that weighed on Drift's performance. Based on this analysis, Phoenix still carries a small positive basis, but the gap is much narrower and impressively close to app-specific venues like Hyperliquid and @pacifica_fi. That convergence is the signal to watch: if Phoenix's execution continues to tighten, it strengthens the case that Solana-native perps can approach the quality of more centralized or app-specific venues. And note that we are still early. This is before @anza_xyz's Alpenglow and MCP, and before @jito_sol's BAM perp plugins. I've always believed the chain that combines a general-purpose environment with application-specific execution quality will ultimately see runaway network effects. Phoenix is the player to watch on this thesis right now: if Solana can support high-quality native @perps, it becomes much easier to imagine the same architecture extending into other latency-sensitive markets, from prediction markets to more exotic onchain derivatives.

As bullish as I am on @Solana's infrastructure roadmap, the point from @mdudas and @kdotcrypto is important: validator sidecars may be a novel way to preserve decentralization while giving apps dedicated execution environments. Validators earn fees directly (12.5% through @bulktrade) users retain composability with Solana, e.g. using existing Kamino positions as collateral, and apps can optimize for the exact market structure they need. If competing for these application TAMs ultimately requires a dedicated environment, isn't this the best of both worlds? @tushar_jain

Phoenix perps maker fees are 3x cheaper than Hyperliquid. @PhoenixTrade: 0.005% maker fee @HyperliquidX: 0.015% maker fee Lower maker costs should help attract tighter quoting, improve taker execution, and deepen liquidity over time. Note that @gmtrade_xyz and @JupiterExchange use pool-based models so you cannot compare them like for like.