Phoenix Legacy Overview

Phoenix Legacy is a decentralized limit order book on Solana, supporting markets for spot assets.

Why

A composable liquidity hub is a public good for all of DeFi. Developers can build other on-chain applications that either post liquidity to or draw liquidity from the canonical liquidity source.

AMMs either rely on unsustainable liquidity incentives, or require retail LPs to consistently lose money. Because Solana has high throughput, fast blocks, and low fees, Solana DEXs can support active liquidity provisioning. This enables professional market makers to provide tighter and deeper liquidity while still being profitable and sustainable.

Technical Features

• Phoenix Legacy has instant settlement. Unlike existing order books on Solana, Phoenix Legacy doesn't require an asynchronous crank to settle trades.

• Phoenix Legacy is maximally composable. Phoenix Legacy's sensible interfaces and small number of accounts required mean that traders can fit more instructions into a single transaction.

• Phoenix Legacy cleanly exposes data. All market events (limit order placed, limit order cancelled, fills, etc.) are written on-chain, so it's easy for traders to query the full live and historical state of all Phoenix Legacy markets.

Decentralization

The Phoenix Legacy program source will be made public before mainnet launch, and the deployed version will be a verified build.

Market listings are permissionless and no admin controls will exist on the Phoenix Legacy program. The Ellipsis Labs team will control the initial program upgrade authority via multisig, with plans to renounce the upgrade authority once the program has been battle-tested.