On-chain matters because it enables: - Verifiability: you actually know the rules of the venue you’re trading on vs ”trust mes”; can build venues without unilateral oracle price changes or first look by an internal maker. You also can get some execution guarantees. - Atomic transaction composability: ex. can open a position on separate venues in one all-or-nothing transaction, can move funds between protocols without brittle bridging. - Lower risk of censorship/exploitation: you can build, choose, find protocols that have frozen admins or more distributed admins; would need tens of billions of capital to properly capture chain stake and censor; greatly lower venue risk. - Long term alignment: stable API with real money behind it, many stable users even as top app changes, many protocols can survive their labs counterpart shutting down so you can think long term. - Unified liquidity: spot flows easily even though margin requires deeper cross program APIs; - Answer to some regulatory risk: jurisdictions have a right to regulate their territories but are forced to apply different rules to credibly decentralized systems that span legal systems. This vision hasn’t been fully delivered yet; but on-chain is what unlocks it; quite frankly: the state transitions need to be on distributed consensus; otherwise the admin of state will one day exploit or fall short.

@flint_trade_ is building perps on @solana. I'm very excited to start sharing more about our goals; especially regarding the level of verifiability, permissionlessness and on-chain logic. My off-the-cuff thoughts in this video.

Amazing to watch (and now participate in) the most interesting decentralized orderflow systems in the world (@solana). This integration is another piece in the puzzle to plug more liquidity in; @dflow is killing it right now. @dflow x @flint_trade_

"But David, won't the added hop to the flint-server incur a latency penalty?" The @flint_trade_ client library submits transactions to the flint-server for wide fan-out (should be colo'd tbh) as well as directly to leader TPUs and optionally via direct RPC. Max paths 🫡