Recently, @Delphi_Digital released a report on the DEX landscape on Solana. Here are 10 key insights ↓ 1. Determinism > Raw Speed Professional traders don’t just need high TPS; they need predictable inclusion and placement under extreme stress situations onchain. When congestion hits, fees explode, and positions are stuck (fatal for HFT/MM strategies). 2. Solana Perps Fail Under Volatility With ~400ms block cadence, auctions, and occasional “phantom liquidity”, the order book may look deep in the UI, but may fail to fill during extreme conditions (during REAL opportunities). 3. “Phantom liquidity” on Drift Drift’s DLOB allows makers/AMMs to decline fills, so displayed position sizes may not actually execute due to fake orders or timing differences. 4. Bullet & Bulk @bulletxyz_ and @bulktrade are the main Perps players on Solana. Bullet builds a ZK-powered network extension for controlled, low-latency execution. Bulk moves matching into validators so it stays L1-native and composable. 5. Bulk is the Solana-native bet Bulk matches fast on L1 terms: a validator “sidecar” targets ~20ms matching, then pushes updates onchain each block, keeping full composability. 6. Bulk fixes Phantom Liquidity Bulk orders stay onchain until canceled, so the book should reflect real, executable size, not fake orders. 7. Bulk Validator Economics By sharing 12.5% of the orderbook revenue, Bulk secures default status among validators. Once integrated, inertia and governance can position Bulk as the native option on Solana. 8. Bullet is The Near-term Fix Bullet is the best for HTF traders. Testnet shows ~1.2ms median and DAUs Whoever minimizes “time-to-first-quote” for top MMs wins the opening. Optimizing that onboarding funnel (APIs, sandbox, telemetry), and top-of-book depth will bring retail with it. 10. Market Share Can Flip Overnight A major liquidation event with stable cancel/replace and clean fills will be the ultimate signal for MMs. This single success can lead to concentrated depth, tightened spreads, and sticky market maker flow, even after incentives disappear. What else would you wanna know? Hope you enjoyed this post and found some new VALUABLE information. If you wanna support me, I'd appreciate a like, reply, and RT <3 P.S. Big s/o to @trevor_flipper for this amazing article.