Building the Next-Gen Perps Engine on Solana | Tristan Frizza

Tristan breaks down Bullet: a Solana-native, high-speed perpetuals exchange using Celestia DA and ZK proofs to deliver sub-millisecond execution, coin-as-margin, and a gated mainnet rollout.

Key Takeaways

App-specific sequencing + on-chain matching engine produce ~500µs execution; Bullet posts blob data to Celestia and attaches ZKVM proofs for verifiable, high-throughput trading.
Built portfolio-margin and native coin-as-margin perps so users deposit spot assets (e.g., SOL) as collateral, enabling capital-efficient basis trades without converting to stablecoins.
Cancel prioritization and near-instant deposits reduce toxic taker MEV, letting hobbyist and professional market makers compete with tighter spreads and deeper on-chain liquidity.
Integrated spot, lending, and perps with idle-asset interest and vaults—multi-product platforms and yield features are now table stakes to attract traders and passive holders.
Mainnet imminent with a gated, phased rollout: whitelist, multi-tier referrals, points incentives, gradual open-interest caps, and planned ZX token migration for long-term holders.
Design favors speed over immediate withdrawals: fast trading with session keys vs. delayed withdrawals while ZK proofs are produced; batching and improving proving costs aim to amortize fees.

Original Source

Visit Source