Eugene Chen joins us to discuss why Solana's local fee markets aren't real. Well, they are real, but they don't yet work as advertised. Eugene is the co-founder of Ellipses Labs, Phoenix Protocol, and Umbra Research and he is one of the sharpest builders in Solana! In this episode, we discuss how Solana transactions work, how to improve Solana's fee markets, MEV on Solana, how apps can accrue their own MEV, Solana's DeFi risk, Phoenix's limit order book and more!
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Timestamps
00:00 Introduction
00:56 How Solana Transactions Work
05:56 Solana’s Local Fee Markets Aren't Real
29:53 Access Promo
30:55 DAS Promo
31:52 MEV on Solana
36:59 App-Specific MEV and Value Accrual
41:46 Solana Bots and Toxic MEV
45:27 The Latency vs "Fair" Distribution of MEV Tradeoff
48:41 Solana DeFi Risk and the mSOL depeg
51:18 Why App Developers Should Understand the Infrastructure
55:19 Ellipses Labs, Phoenix’s LOB and Points
01:01:48 Solana’s Identity and Advice for Solana Builders
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Resources
Ellipsis Labs
https://twitter.com/ellipsis_labs
Phoenix
https://twitter.com/PhoenixTrade
Umbra Research
https://www.umbraresearch.xyz/writings
https://twitter.com/UmbraResearch
Solana Fees, Part 1 (Solana Local Fee Markets Aren't Real)
https://www.umbraresearch.xyz/writings
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Disclaimers:
Lightspeed was kickstarted by a grant from the Solana Foundation.
Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.