A high-performance on-chain order book DEX on Solana with a fully on-chain FIFO matching engine. Phoenix is designed for low-latency trading without cranks—orders are matched atomically within the same transaction. It supports limit orders, market orders, and provides a maker rebate structure to incentivize liquidity.
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A high-performance on-chain order book DEX on Solana with a fully on-chain FIFO matching engine. Phoenix is designed for low-latency trading without cranks—orders are matched atomically within the same transaction. It supports limit orders, market orders, and provides a maker rebate structure to incentivize liquidity.
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Piensa en esto como una mecánica de mercado usada para poner precio, rutear o mover capital en apps de liquidez.
Ubica el término dentro de la capa de Solana en la que vive para razonar mejor sobre él.
AMMs, routing, liquidez, préstamos e infraestructura de trading.
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Phoenix (phoenix) Categoría: DeFi Definición: A high-performance on-chain order book DEX on Solana with a fully on-chain FIFO matching engine. Phoenix is designed for low-latency trading without cranks—orders are matched atomically within the same transaction. It supports limit orders, market orders, and provides a maker rebate structure to incentivize liquidity. Relacionados: Order Book (On-Chain), DEX (Exchange Descentralizado)
Usa contexto del glosario, relaciones entre términos, modelos mentales y builder paths para recibir respuestas estructuradas en vez de output genérico.
Opcional: pega código Anchor, Solana o Rust para que el Copilot mapee primitivas de vuelta al glosario.
El Copilot responderá usando el término actual, conceptos relacionados, modelos mentales y el grafo alrededor del glosario.
Estas ramas muestran qué conceptos toca este término directamente y qué existe una capa más allá de ellos.
A trading system that matches buy and sell orders at specified prices, implemented fully on-chain. Unlike AMMs, order books enable limit orders and don't require liquidity pools. Solana's high throughput makes on-chain order books viable. Phoenix uses a FIFO matching engine; OpenBook (Serum v4) uses a crank-based model.
A protocol for trading tokens directly on-chain without a centralized intermediary. Solana DEXs use either AMM pools (Raydium, Orca, Meteora) or on-chain order books (Phoenix, OpenBook). DEXs are composable—aggregators like Jupiter route through multiple DEXs for optimal pricing.
Estos son los siguientes conceptos que vale la pena abrir si quieres que este término tenga más sentido dentro de un workflow real de Solana.
Las entradas del glosario se vuelven útiles cuando están conectadas. Estos enlaces son el camino más corto hacia ideas adyacentes.
A trading system that matches buy and sell orders at specified prices, implemented fully on-chain. Unlike AMMs, order books enable limit orders and don't require liquidity pools. Solana's high throughput makes on-chain order books viable. Phoenix uses a FIFO matching engine; OpenBook (Serum v4) uses a crank-based model.
A protocol for trading tokens directly on-chain without a centralized intermediary. Solana DEXs use either AMM pools (Raydium, Orca, Meteora) or on-chain order books (Phoenix, OpenBook). DEXs are composable—aggregators like Jupiter route through multiple DEXs for optimal pricing.
Estas entradas viven junto al término actual y ayudan a que la página se sienta parte de un grafo de conocimiento más amplio en lugar de un callejón sin salida.
A protocol that enables token swaps using algorithmic pricing against pooled liquidity instead of matching individual buyers and sellers. AMMs use mathematical formulas (typically constant product x*y=k) to determine prices based on the ratio of tokens in a liquidity pool. On Solana, major AMMs include Raydium, Orca, and Meteora.
An AMM design where liquidity providers concentrate their capital within specific price ranges instead of across the full 0-to-infinity range. CLMMs dramatically improve capital efficiency—LPs earn more fees per dollar deposited within their active range. If the price moves outside the range, the position becomes inactive. Orca Whirlpools and Raydium CLMM are leading implementations on Solana.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
A token issued to liquidity providers representing their proportional share of a pool's reserves and accrued fees. LP tokens can be burned to withdraw the underlying assets. The value of LP tokens changes as the pool's token ratios shift and fees accumulate. LP tokens are often stakeable in yield farming programs for additional rewards.