Building Better On-chain Trading Infrastructure With Jarry Xiao

Welcome back to The Gwart Show! Today, Jarry Xiao, co-founder and engineering lead at Ellipsis Labs, joins to chat tradfi to crypto infrastructure. Jarry dives deep into Phoenix, their central limit order book on Solana, and introduces Atlas - their purpose-built blockchain for financial applications. The conversation touches blockchain trading challenges, the economics of validator networks, and why truly effective trading systems require opinionated design. Follow our guest on Twitter! https://x.com/jarxiao?lang=en Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: - Phoenix did $70B+ in organic trading volume - Solana's 400ms blocks still too slow for HFT - Atlas uses single verifiable sequencer model - Market makers need priority cancellations - Blockchain revenue sustainability questionable - MEV/sandwiching not sustainable for finance Timestamps: 00:00 Start 00:33 Who is Jarray? 01:09 TradFi experience 01:50 What was Jarry trading? 03:23 Phoenix order book 06:45 Aggregators 10:31 Open validator set blockchain 13:15 Market making on SOL 17:05 Atlas 20:57 Limitations of SOL 25:02 Rejecting SOL base assumptions 28:09 What does Atlas unlock? 34:46 Purpose built? 36:31 Opinion sequencing 37:53 Multiple use cases 42:37 Stock market on-chain 46:53 Why L2 sequencer design? 54:11 Memecoins here to stay 1:04:39 Why did it take so long? 👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter. Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices