Welcome back to The Gwart Show! Today, Jarry Xiao, co-founder and engineering lead at Ellipsis Labs, joins to chat tradfi to crypto infrastructure. Jarry dives deep into Phoenix, their central limit order book on Solana, and introduces Atlas – their purpose-built blockchain for financial applications. The conversation touches blockchain trading challenges, the economics of validator networks, and why truly effective trading systems require opinionated design.
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Notes:
– Phoenix did $70B+ in organic trading volume
– Solana’s 400ms blocks still too slow for HFT
– Atlas uses single verifiable sequencer model
– Market makers need priority cancellations
– Blockchain revenue sustainability questionable
– MEV/sandwiching not sustainable for finance
