What @solana is getting wrong about trading right now: For every successful trading environment, the competition for sophisticated flow is on pricing. Competitive pricing = tighter spreads = good for retail. Due to gas and priority fees, any native L1 orderbook presents a problem for sophisticated flow: the cost to transact. Having to pay simply to act massively impacts how you have to operate as a Maker. The cost to transact has to be made up elsewhere, so MMs widen the spreads to ensure they're still making enough money to justify operating on that platform. Cost to transact = wider spreads = bad for retail What's the solution? Gasless environments. The issue with every example of a gasless environment is that it sacrifices DeFi's core ethos: Decentralisation. Before I explain how, let me burst your bubble and tell you any orderbook that is not 'native L1' is not decentralised. Sequencers, Rollups, L2s all lack censorship resistance, meaning there are central points of control = central points of failure. The question to ask yourself here is: Why would sophisticated flow move from the likes of binance (where they have regulatory frameworks and insurance via custodians they are protected by) to some platform where they have to trust some random team on the internet to execute their transactions. I don't care what you can verify after the fact... Trust needs to be in that it CAN'T happen, not that it likely WON'T. Trust code, not people. We keep following the same blueprints and expecting different products. Again I hate to be the one breaking it to you... but this is yielding the same problems just with a different front end. This is why @junbug_sol and I spent over 11 months researching and creating a new blueprint. The goal was simple: Build something that doesn't fragment liquidity away from the L1 while providing performance AND decentralisation. The result: A gasless environment with execution worth quoting into. Now the question we get is why didn't we just make our own L1 and do this? The answer is simple: Institutional flow IS coming. The level of capital that is making preparations to hit our books over the next 2-3 years is almost impossible to fathom. What they WILL NOT do, is park that capital on an ecosystem that hasn't been battle-tested at scale (Like Solana has). It would take us years to build up trust that the infrastructure can handle demand - time we simply don't have if we want to be ready to capture this flow. Solana has also proven to have the best network effect for any product building here. One that we fully intend to tap into via econmic alignment. That's why we share a % of orderbook fees with Solana validators that adopt the Bulk tile. It's going to take more than "We are slightly faster and decentralised" to dethrone the current market leaders. It's going to take the best product being pushed by the best community. That... Is BULK and Solana 🫡