Orderbooks on Solana have been tried many times before, but I think the timing is finally right.
Solana has gotten much more faster and deterministic, more trading firms are now onchain, and a huge velocity of assets are launching everyday.
We have learnt a lot building Archer over the last year, and we are excited for everything that's going to come with V2.
Return to the orderbook ⚔️
Global markets run on price competition, it’s time onchain did too.
Introducing Archer V2, the institutional-grade spot orderbook on @Solana.
Built for market makers, trading desks, and serious traders.
solana 2027 will be a knife fight between apps, routers and block-builders.
everyone used to win together on shared, composable liquidity, think we are going to see the stack eat itself
solana is ibrling so hard you need someone on the team whose entire job is to “keep up with anza”
2 years ago devs would have had everything ready and been begging them to release
now we are all struggling to keep up
booolish
i strongly believe @solana has a great lead for the tokenization cycle and is going to dominate next few years
• consumer apps: pump, fomo, pumpfun etc already have PMF and will become the brokerages for tokenized assets
• distribution: meme paired launchpads create native liquidity and bring latent flow for assets
• liquidity: propMMs rise has resulted in lot of trading shops already becoming familiar with the chain and solana has the best HFT liquidity across any general L1
• issuance: token-2022 gives issuers flexible, programmable token rails
• neutrality: anyone can deploy on the same permissionless base layer without needing to build a new chain
the setup is going to be very hard to replicate and due to competition on each vertical there will be multiple products leading to innovation and better UX
not just the base chain tech,
but the amount of talent building high frequency infra, bots, tooling, analytics etc. is staggering
all of this will come together in the next few years when solana overtakes tradfi
no chain can comes close!!!
go vote for!
sgp3 might not be perfect, but its step towards a overhaul of the fee model
atleast we get immediate relief to makers at a small increase to takers while we align on a more structural change
If resource fee isn’t accurately reflecting the abundance of bandwidth, probably should rethink why we are happy using it for priority fee calculation too?
the whole fee model can use a broader overhaul, think SGP3 just accelerates it.
the doc i published shows that cost units as consumed on mainnet are generally correlated with execution time, and that a significant portion of the variance can be attributed to client implementation details (performance bugs). there are certainly improvements to be made to several mispriced components of the cost model, but there is correlation for the most part on mainnet traffic.
the doc i published discusses that the resource fee as proposed is intending to not change block builder behavior. by intentionally burning the whole fee, validator incentives for inclusion do not change at first order. at second order, if the resource fee changes priority fee behavior for example, packing behavior may change slightly.
i have admitted that the proposal's biggest failure was the lack of clear criteria for advancing to later gates. as such, however, the current proposal admits only doing the first gate. given the feedback received from many folks (far too late into the process, after 3 months of discussion periods and tweeting), the plan is to proceed with only the first gate (assuming the proposal passes).
as for item 4, this is not on me. this requires a proposal in and of itself. perhaps an amendment to sgp001 would be appropriate here cc @DrNickA. currently only "economic proposals" are elevated to sgp, but perhaps worth adding a distinction between proposals that touch app economics (eg fee structure) vs validator economics (eg fee split, issuance, operational costs).
For ppl saying SGP3 penalizes complex apps, Solana is already opinionated today.
It already penalizes propMMs who’ve optimized CUs. That’s not neutral either.
Solana revenue directly depends on it being a top trading venue, and that doesn’t scale without continuous MMers. If there’s no credible path for their fees to go to zero, they are going to leave too.
solana is getting better for market-makers everyday!
SGP-003 has achieved quorum!
For Archer, SGP-003 means a 40% reduction in costs for our market-makers.
It directly recognizes our design of being highly optimised while staying fully onchain.
We see this as a first step towards resource-based pricing on Solana and will be actively contributing to future proposals.
BIG WEEK!
We are live on @JupiterExchange, the largest aggregator on Solana!
Swap on Jupiter and tap into Archer's orderbook for your crypto & RWA trades.
