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Perpetual

Phoenix

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Focus: Eligibility, snapshot date, token reward analysis.

Overview

What is Phoenix?

Phoenix is an on-chain perpetuals exchange on Solana, currently live in private beta. It is built by Ellipsis Labs, the same team behind the original Phoenix spot orderbook DEX. The new product brings perpetual futures trading to a similar on-chain orderbook design, with execution settled directly on Solana rather than through off-chain matching engines.

Ellipsis Labs has raised $44.3M across multiple funding rounds, backed by several well-known crypto venture funds. Their earlier work on the Phoenix spot DEX informs how the perpetuals exchange handles order matching and latency on Solana.

Participation Guide

  1. 1

    Step 1: Visit the Phoenix platform

  2. 2

    Step 2: Connect a Solana wallet

  3. 3

    Step 3: Get USDC for trading

  4. 4

    Step 4: Deposit USDC on Phoenix

  5. 5

    Step 5: Trade perpetual markets

  6. 6

    Step 6: Unlock your referral code

  7. 7

    Step 7: Share your code and claim rewards

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