animol retweeted
You ready to compete? BULLET ROYALE drops tomorrow with ZERO Trading Fees.
No trading fees means more of every winning trade stays yours. The trader with the highest PNL takes the top prize, with rewards for the top 20 traders.
Trade hard. Pay zero fees. Keep the upside.
animol retweeted
September was an absolute blur, looking back on it we actually shipped a bunch of cool updates, and finally cracked a few big milestones (10m volume, 2m OI) ๐ข
Bullet Liquidity Provider (BLP) was finally opened to public deposits, and the $300k cap filled the same day. We've extensively tested the strategy for 3 months and it's been overall profitable, with a 2.37 Sharpe and ~100% APY on the last 30 days annualised. Deposit caps will be opening up again this week, keep notis on ๐
Speed. We benchmarked end-to-end execution against other perp venues. Bullet came in at ~8ms, ahead of Lighter and HL (Nado just recently improved their p50 a lot to ~7ms, congrats to them, we will get you back xd). Our matching engine runs at ~250ยตs, and most of the remaining time goes to the network, and there's a lot we have flagged to improve still. Thankfully still have the lowest p999 (tail latency) of any DEX by a factor of 4x.
Collateral. You can now post SOL and jitoSOL as margin, meaning no hassle to sell your beloved bags to stables. We built the jitoSOL integration with @jito_sol, so your collateral keeps earning staking yield while you trade.
New Markets. We listed RAY, BNC, UNI and NEAR, and PUMP and DOGE go live tomorrow. We also automated most of our listing pipeline, so a new market now takes us about 15 minutes end to end. Expect a lot more of them, and quickly. People under-appreciate the operational burden of exchange listings, and we've spent a bunch of time seeing how it can largely be automated. We're aiming to list 2 new markets every week.
Liquidity. Most majors (BTC/ETH/SOL) are now consistently 0.1-0.5bps wide at the top of the book (!!), which is testament to why we've been hell bent on building the fastest execution stack on the market. @AphelionTrading is now providing very competitive liquidity on Bullet. They were the highest-volume onchain market maker on Solana from last cycle, and true friends and legends that I am grateful to be working with again.
Fees. We cut trading fees across every tier, and volume picked in accordance. We are going to continue experimenting with fee structures that reduce friction to onboarding for new traders evaluating our product, our goal being to provide the best cost for the average perps consumer (spread + fees).
Affiliates. More than 100 affiliates have signed up since we launched the program. Form linked below.
Product. We shipped subaccounts, isolated margin, and vault infrastructure that lets anyone launch and run their own vault.
animol retweeted
๐ง๐ต๐ฒ ๐ป๐ฒ๐
๐ ๐ฏ๐ถ๐ด ๐ฆ๐ผ๐น๐ฎ๐ป๐ฎ ๐ฐ๐ฎ๐๐ฎ๐น๐๐๐ ๐ต๐ฎ๐ ๐ฎ๐ฟ๐ฟ๐ถ๐๐ฒ๐ฑ
Over the years lots has happen in the blockchain world, product wise.
If I had to say, and even tho i hate talking about cycles (such an absolute view to have), last 2 cycles had two disticnt metas, at least on solana.
Nft from 2021 and 2022
Launchpad from 2024 and 2025
Bullet is whats next. Its here and its not cycle dependent.
Perps trading is the most blatant and prolific use case. The only product so far that actually stood the test of time. And yet, it doesnt find pmf on the solana layer.
Solana despite being by far the most used chain, it stills falls behind in terms of perp volume.
Low fees and fast transaction times has propelled solana to escape velocity.
Its the leading ecosystem in most metrics.
One significant metric it falls behind would be perp volume.
Thats easily explained by the infrastructure itself. That besides being fast and cheap, its still hugely unreliable when it comes to such fragile instruments such as perps trading.
Speaking off, there is multiple solutions/upgrades being made in the solana roadmap in order to mitigate the issues that makes the chain not optimal for perp products. Blockspace, reliable fees market etc.
However, this doenst make it more resilient for this specific use case. It just makes it less fragile
๐๐๐น๐น๐ฒ๐ ๐ถ๐ ๐๐ต๐ฒ ๐ฎ๐ป๐๐ถ๐ณ๐ฟ๐ฎ๐ด๐ถ๐น๐ฒ ๐๐ผ๐น๐๐๐ถ๐ผ๐ป.
Leverages the best of solana while being capable of giving the absolute certainty, that perps absolutely need, thanks to developed cutting edge infrastructure. Built from the ground up, with a porpuse on scaling perps trading well beyond what any successfull roadmap on the mother chain would be capable of.
Limiting what bullet, as a infra can be capable of, to only perps, would be making it a disservice. It is the de facto infrastructure to launch products, systems and whatever is that needs absolute certainty, block inclusion, and realiable fees market, that the voltality of other layers cant possibly give. Not now and not in the future.
There has been multiple catalysts over the years on the sol layer. I will hihglight two of them below. A failed one (if we could call it that) and a successfull one (so far)
๐๐ฎ๐๐ฎ๐น๐๐๐ ๐ญ: ๐ก๐๐ง ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฝ๐น๐ฎ๐ฐ๐ฒ.
Back in 2021 and 2022 the nft bubble was in full swing. Eth had established itself as being the place where all the action was happening. The chain was slow, gas fees were regularly above 3 figures and sometimes even 4 figures. Not to mentioned the failed transactions.
Solana was still yet to gain escape velocity as the retail chain
Nfts on solana arrived a little late. But with a great business proposition. You pay 1/20th of the gas vs eth, while being 20x faster. But there wasnt really a pmf for solana nftโs.
One could think of mintin on the solana chain as being advese selected.
The fact that a mint was unchallenged, cheap and fast, meant there was no competition around it.
Getting your transaction to go fast and snipe a mint on eth mainnet was a skillset. Gas being expensive added to the benefit. It purposedly leaves out a bunch of the competition behind and unnintentionally marks up the price when selling the nft later.
"I did all this work to buy it, i better sell it for a lot"
While in solana things were fast, cheaper and because of that, and all of the above, less desireable.
A lot of the intrinsic value of a nft was on all the jumps and hoops one had to make. It was never about the art. Shocker, ik
Solana arrived late and on top of it, didnt have a lot of that intrinsic value. It undoubtly failed.
๐๐ฎ๐๐ฎ๐น๐๐๐ ๐ฎ: ๐ฃ๐๐บ๐ฝ๐ณ๐๐ป (๐น๐ฎ๐๐ป๐ฐ๐ต๐ฝ๐ฎ๐ฑ)
By the time pumpfun launched, solana had already established itself as the consumer chain.
More active addresses and transactions vs its rival Ethereum.
This could be easily explained by the easy of access of each chain so i wont put much weight on this particular statline (Eth for example had way bigget tvl)
Lot of influenzas launching their coins via pre-sale before we even know what a launchpad was. Pump fun tapped into this demand and knocked it out of the park.
It directly influenced all metrics. To quote alon: โthe #1 destination for non-crypto native users across all chainsโ.
Its a winner.
It has found success, perhaps, by the same reasons the nft markets didnt. Which is the ease of access.
๐ช๐ต๐ถ๐ฐ๐ต ๐น๐ฒ๐ฎ๐ฑ๐ ๐๐ ๐๐ผ ๐ฐ๐ฎ๐๐ฎ๐น๐๐๐ ๐ฏ: ๐๐๐น๐น๐ฒ๐. ๐ง๐ต๐ฒ ๐ณ๐ถ๐ป๐ฎ๐น ๐ฏ๐ผ๐๐ ๐ผ๐ป ๐๐ต๐ฒ ๐๐ผ๐น๐ฎ๐ป๐ฎ ๐ฏ๐น๐ผ๐ฐ๐ธ๐ฐ๐ต๐ฎ๐ถ๐ป
Perps been around for so long that its fkin bonkers it hasnt found a good ground floor on the solana layer.
Bullet answer to tackle this problem is pretty simple, in theory. Leverage the best tech in the industry all under the same hood.
With huge focus on being crypto aligned, bullet went one step further and integrated the very finest tech that already exhists in the space.
Using zk proofs, Celestia data availability and Solana security, decentralization and settlement, all working in this symbiotic relationship inside the specific, built from scratch, network extension designed to circunvent all the fragile solana characteristics.
- NFTs failed because it was a bubble. And the chain was almost too good for it.
- Launchap succeeded because infra tech is perfect for it + huge access to users and liquidity
- Perps havent succeeded because tech isnt good enough. Its too fragile.
This is what bullet fundamentally changes in the solana world. ๐ง๐ต๐ฒ ๐ฎ๐ป๐๐ถ-๐ณ๐ฟ๐ฎ๐ด๐ถ๐น๐ฒ ๐๐ผ๐น๐๐๐ถ๐ผ๐ป
Bullet time ๐
animol retweeted
Stay tuned for our founders livestream which will start a bit later than scheduled at 9:15AM ET ๐ฅ
Catch up with BULLET Co-Founders @PDAnimol and @Tristan0x, November 25th at 9am EST- right here on X.๐๏ธ
Coming to you live from BULLET city๐๏ธ
animol retweeted
NO CEX! Inside the Perp DEX Revolution๐๏ธ teapaw.org/i/broadcasts/1lDxLBNZmโฆ
animol retweeted
Why am I so damn bull(et)ish on @bulletxyz?
TL;DR on "Solana's Trading Layer" โ
โ WTF is Bullet?
Bullet is an application-specific rollup (also referred to as a "network extension") built to solve Solana's 'perps paradox' by bringing a CEX-grade derivatives engine to its ecosystem.
It's not yet another app on Solana, it's a dedicated execution layer using Solana for settlement, aiming to become the "onchain Nasdaq", and countering key limitations that DEXes on the L1 have been facing for years.
This 'perps paradox' is a real issue: Solana absolutely dominates many other vertical, from memecoins (see @pumpdotfun) to spot aggregation (see @JupiterExchange) and boasts over 43M monthly active users.
Yet, for derivatives, its most serious traders are forced to bridge to competitors like Hyperliquid, taking valuable flow off-chain. Bullet aims to change that.
โ What about the tech?
One crucial and very unique aspect of Bullet is its sophisticated architecture, that blends various cutting-edge infra components that simply didn't exist a few years ago, and which also translates into very strong performance.
More specifically, Bullet achieves ~1.2ms execution latency by running a custom Rust-based matching engine (built with the @sovereign_labs SDK) in its own blockspace.
This raw speed is possible due to key design choices: no VM overhead and a real-time model that processes transactions as a continuous stream, not in discrete blocks (also see visual below).
The custom sequencer also has cancel prioritization baked in, protecting market makers from toxic MEV and encouraging deep, stable liquidity, a feature instrumental to Hyperliquid's own success.
It uses @celestia for cheap data availability and Solana for settlement, inheriting its security. Trust in its centralized sequencer is enforced cryptographically via ZK proofs (generated via @SuccinctLabs SP1), providing verifiability without performance trade-offs.
โ Okay cool, but what about the actual product?
There is a bunch of killer features here imo, but a key one is definitely true multi-collateral cross-margin that works seamlessly across its integrated spot, perpetuals, and lending markets.
This unified margin system sets a new benchmark for on-chain capital efficiency, a feature typically only found on top tier CEXes.
They call this the "Trading Trifecta", three interconnected engines sharing state atomically, unlocking incredible efficiency, like earning yield on your collateral while it secures your perp positions or running unliquidatable basis trades directly on the platform.
It's the culmination of years of learning from the team's time building @ZetaMarkets and their HFT/CEX backgrounds.
The fact that Bullet is also able to tap into the "native" Solana user base, while also providing a fully abstracted UX (you can log into your acc with multiple credentials, incl various wallets, and also sign up with EVM wallets such as Rabby, while seamlessly depositing funds via @Hyperlane_xyz from everywhere), is another massive plus.
โ How does it compare to key competitors?
Imo, this has to be answered in a two-folded manner:
โค Bullet has a strategic edge that arises from its approach that favours integration over isolation.
โค On top of that, it outmaneuvers most competitors architecturally.
We now live in a "post-Hyperliquid" world where CEX-level performance is the expected standard, not a bonus. Bullet is built to meet this new benchmark head-on.
Let's boil this down to two main cases:
1 ) vs. @Hyperliquid_: Bullet taps directly into Solana's security, liquidity, and user base, whereas Hyperliquid is a siloed L1, with the latter also introducing certain (de)centralization trade-offs.
2 ) vs. @Solana DEXs: It is immune to L1 congestion and offers a >200x latency improvement, moving beyond the fundamental limitations of building on a general-purpose chain, like AMM models that bleed money to arbs or suffer from huge spreads in volatility.
Below article is a highly recommended read to learn more, and stay tuned for our CLOB campaign with @a1research__, where we'll dive much deeper on Bullet as well as the broader competitive landscape.
animol retweeted
Humbled by the overwhelming support for @bulletxyz this week โค๏ธ
Sharing some incredible community-made content on CLOBs and Bullet๐
animol retweeted
I definitely see your argument re not leaking REV and internalising the most valuable transactions. But I think a few important practical realities are missed:
1. Having an actual best in class perps dex would drive demand to Solana that isn't currently being serviced. Traders today are literally bridging to HL instead because the current alternatives on Solana don't cut it (look at Defillama). To me that is massive value leakage to Solana that could be captured almost immediately (mindshare, users, new assets amongst other things)
2. Congestion - it is quite literally the scariest thing to run an exchange with significant OI when you cannot close or liquidate positions due to transactions not landing, or even landing a few slots late. Exchanges can go bankrupt if they cannot execute during black swan moves. Traders need lowest possible jitter on order placement latency. HL had zero perf degradation during major launches like TRUMP. How do you achieve this when your noisy neighbour is pumpfun (local fee markets, but they are not perfect in practice)
3. Priority fees are a huge pain in the ass for traders, especially market makers. Not only do they have to pay base fees for every one of the millions of place/cancel txs (which eats into their pnl), but they have to bid up the prio fee markets just to get included on time sensitive trades or liquidations. Everything becomes an auction and you lose real time price discovery. I think this is a bug not a feature for real time trading apps.
4. L1 blockspace != L2 blockspace. A rollup could theoretically process an order of magnitude more CUs and cram that into its blob. That "off the L1" compute would never necessarily exist on the L1 anyway (case in point lack of perps trading activity). Similar argument for state compression, the L1 can be better used for storing proofs than raw data. 90%+ of exchange messaging is just replacing orders i.e. no state transitions/trades.
animol retweeted
1) Alt CLOBs are the new Alt L1s.
CEX order books have dominated crypto volumes, while AMMs provided a good enough onchain solution.
With Hyperliquid's success, this has changed.
Introducing the players participating on team DEX to bring order books onchain. Thread below:
animol retweeted
DEXs arenโt Plan B. Theyโre home base.
Users are onboarding straight into DeFi, chasing meme coins, AI tokens, and protocol launches.
Once theyโre in, theyโre staying. Bullet Co-Founder @PDAnimol explains why CEXs are nervous โ and itโs not each other theyโre worried about. ๐
animol retweeted
US Treasury Secretary Bessent was recently interviewed by Bloomberg, where he said โI don't want to make market calls, but I think the VIX spiked and has likely peaked.โ
As someone who worked alongside legendary macro traders, Soros and Druckenmiller, is he calling the bottom?
animol retweeted
Bullposting testnet metrics is a meme, but I thought it was pretty neat to see @bulletxyz get around 3k people signing up to test it over the weekend! Testnets are perfect for stress testing before it goes to prod, and it gave us a bunch of great learnings ๐
The Good:
- Processed $2.9B notional trading volume in 5 days, and currently sitting at around $200M open interest. Pretty solid load simulation.
- Ran at 150+ TPS consistently without breaking a sweat.
- Median transaction confirmations were about 3ms (3000us in the graph below) and relatively stable. Great to see given our goal here is to build the fastest possible network for DeFi.
- Mark pricing, funding, margin system all ran like clockwork.
- Frontend, APIs, websocket feeds had basically zero bugs and scaled great.
The Bad:
- Uncovered a stupid bug in our liquidations code that was promptly patched.
- Uncovered a really niche rounding error when doing hashmap iteration (solved by switching to deterministic implementation) that caused sequencer and fullnodes to desync. Took us 6hrs+ to debug and tanked our uptime.
- Since it's testnet $$, people longed the fuck out of every market with high leverage, causing MMs to skew massively short on OI. Needed way more capital that was expected (especially since our margin requirements become more strict at larger position sizes). Clearly backstop (liq vault, MM vault, insurance fund) capital needs to scale proportionally with user OI (as is similarly seen with the HLP situation last week).
- Some cheeky buggers started spinning up lots of privy wallets and maxed out our plan. Always have to be proactive with captchas, and any kind of DDoS vectors since people will abuse them.
Biggest Learnings:
- Building a blockchain is difficult as hell. Some of the bugs were a real bitch to track down. It highlighted how our distributed tracing and logging setup was woefully under-developed (@Firaenix already on it).
- The importance of real-time monitoring. We spent most of today beefing up our observability stack, adding tonnes more metrics, Grafana dashboards, alerting and on-call schedules. Honestly makes a world of difference being proactive.
- Murphy's law is real, whatever can go wrong will go wrong.
animol retweeted
Bullet Testnet is finally live to the public! ๐
It ships today with professional-grade perps trading and lending, including powerful features like instant trade execution, cross-margin, multi-asset collateral, scaling leverage, yield on deposits, conditional orders, streamlined user onboarding and many more. For now testnet is just paper trading, but mainnet is in the works and gearing up for audit - use this opportunity to play around and stress test things with low risk. We'll even be running a testnet trading comp with sizeable cash prizes, to be announced soon.
After many months of tireless work, I'm over the moon to have this shipped to production. Building a cutting-edge blockchain network and exchange application atop it is no easy feat, especially given our lean engineering team, but we fucking did it.
Not only did we just deliver it, but boy does it work well. We're already seeing throughput numbers well over 200 TPS (sustained), and transaction pre-confirmations at a p50 of less than 2 milliseconds, which I think makes it the lowest latency blockchain that exists today. But don't take my word for it, try it for yourself - feedback is always appreciated to help us build a best-in-class experience.
Zeta began as something exciting and novel for me 4 years ago, and we're here to finish the mission with Bullet by growing it into a truly world-class showcase of what blockchain tech is capable of. This rebrand and new product launch is a consolidation of all our efforts and brainpower into one platform that absolutely kicks ass for trading.
I think the opportunity has never been as big, or the timing as opportune with Solana DeFi having established itself firmly, and masses of traders migrating to DEXs as their primary venue of choice.
Anyhow I'll save the yapping for later, I've yapped all I can yap in our brand new docs (which you should definitely read if you want to learn more). With that said I'm on less than 2 hours of sleep so it's time to hit the hay, peaceโ๏ธ
animol retweeted
๐ Bullet: The Next Evolution in Solana Trading ๐
The future of onchain trading is real-time, transparent, and built for performanceโand thatโs exactly what Bullet is bringing to Solana.
@bulletxyz is Solanaโs first network extension, a purpose-built execution layer designed specifically for high-speed perps, spot, and lending. Bullet operates with 2-ms latency (100x faster than Hyperliquid and Binance) while still posting transactions and ZK proofs back to Solana for full decentralization and verifiability.
Why Bullet Changes the Game
1๏ธโฃ The First Hyperliquid-Grade Perps DEX on Solana
Perp DEX volumes are overtaking spot, and for good reasonโtraders need deep liquidity, low fees, and instant execution. While Solana has dominated in user growth and capital inflow, perps trading has lagged behind.
Bullet fixes this by introducing a high-performance trading layer built on top of @solana, giving traders a Hyperliquid-level experience with true decentralization.
2๏ธโฃ Solanaโs First Network Extension
Bullet is a dedicated execution layer optimized for trading, with a built-in exchange and lending protocol.
Bullet solves potential network congestion and MEV by separating execution from settlement while still leveraging Solanaโs security and composability.
3๏ธโฃ ZK Transparency Without Compromise
One of the biggest criticisms of fast perps DEXs like Hyperliquid is their lack of transparency.
Bullet changes that by using a zkVM to prove every transactionโs validity on Solana. Traders get CEX-level speed with onchain verifiability and security.