Hyperliquid should watch their back now? A friend asked me the other day: "@HyperliquidX is taking too much market share. Do you think there's another perp DEX that can actually catch up?" It made me think for a while. So I went digging, and found the answer on @solana. It's called @PhoenixTrade How so? Recently @toly, co-founder of Solana, has been mentioning perp DEXs and Phoenix quite a few times. Around the same time, Solana launched a new X account @perps. And right after @DriftProtocol collapsed, around 70% of Solana's perp DEX volume bled out to Hyperliquid & @Lighter_xyz The entire Solana stack is rebuilding the perp DEX category from scratch. And Phoenix is the one they picked Why Phoenix specifically: - Built by @ellipsis_labs, the same team behind @SolFiAMM - Raised $44M from @paradigm, @ElectricCapital, @robotventures - Fees at 0.005%, cheaper than most other perp DEXs - The original Phoenix orderbook had one of the tightest spreads Why Solana will actually pull this off this time: - No network outage since Feb 2024 - @anza_xyz shipping validator and scaling upgrades for perp DEX infra - I remember Solana came back from the FTX collapse. They got hit hard, only to thrive stronger And not only that The Phoenix airdrop also caught my attention because competition is unusually low: - Most retail gave up on it when no token came - Others moved to perp DEXs with confirmed point programs - Some quit because the new product costs more in fees Look at the Solana TGE pattern: - @JupiterExchange: 2+ years from mainnet to token - @wormhole: 2.5 years - @MeteoraAG: 3 years - @jito_sol: 1.5 years Build product → Find PMF → Then token. Same playbook And @perps literally said they'll "be back in 12 months" with an updated leaderboard. That's your timeline, almost officially Good things take time. This is a position for the next few years Worth taking a shot Winter Soldier out