Ellipsis Labs made waves by introducing proprietary AMM mechanisms on Solana, essentially reimagining how DeFi could function. Their latest move? Shifting gears toward derivatives trading with Phoenix Perps—a native Solana build that's just entered private beta testing today.



This development signals another evolution in Solana's DeFi infrastructure. While prop AMMs disrupted traditional liquidity models, derivatives represent a natural next frontier. Phoenix Perps could potentially tap into growing demand for on-chain leverage trading within the Solana ecosystem.

The timing's interesting too—launching during a period when derivatives volume across crypto has been climbing. Worth watching how this plays out against established players in the space.
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