Bullet: Solana's onchain Nasdaq with 1ms latency, TL;DR of A1 article
Quote560 words
TL;DR of A1's Bullet article: a Solana network extension with 1ms soft confirmations, Rust CLOB, maker-priority sequencing, 100x perps, integrated lending, and ZK proofs on Solana. Positioned as Solana's answer to Hyperliquid.
Key claims
1ms soft confirmations vs Solana's 400ms blocks
8,000+ exchange orders/second, NOMT supporting up to 40,000 TPS
Perps with 100x leverage across 100+ markets
When we kicked of the @a1research__ CLOB campaign, we said "the next Nasdaq will be fully verifiable".
Time to explain what that means, why it will happen on @solana, and introduce you to @bulletxyz, a hyper-performant appchain that provides 1ms latency (up to 20x faster than Binance) and brings a truly unique product to mainnet (very) soon.
Let me give you a TL;DR ↓
➤ Bullet is a network extension (application-specific execution layer) built on Solana using the @sovereign_labs SDK, positioning itself as Solana's answer to Hyperliquid (or more holistically speaking the Nasdaq) with 1ms soft confirmations vs Solana's 400ms block times (even tho shreds are propagated at 20-50ms).
➤ Bullet is the first "network extension" on Solana and with its unique architecture and functionality a prime example of why this concept is relevant to the ecosystem, filling the major gap that exists on Solana and addressing the need for an insti-grade trading venue that is anchored on the L1 while meaningfully extending Solana's capabilities.
➤ The architecture is fully modular, leveraging state-of-the-art components incl. BulletCore (Rust-based execution environment), @solana (settlement and security), @celestia (data availability at 27 MB/s), and @SuccinctLabs' SP1 zkVM (ZK proof generation with subsequent verification on L1)
➤ Solana's existing perp DEXs (e.g. Jupiter or Drift) are fundamentally constrained by L1 limitations including congestion during volatility, unpredictable fee markets, and high operational costs for market makers who must pay for every order placement/cancellation
➤ Bullet implements application-specific sequencing that prioritizes maker orders and cancellations over taker orders, protecting liquidity providers from adverse selection and MEV exploitation
➤ Offers perpetual futures with 100x leverage across 100+ markets using a cross-margin system, enabling spot trading, and featuring a unique, integrated borrow/lending engine with algorithmic interest rates based on utilization
➤ Its Rust-based CLOB enables advanced functionality, including professional-grade order types like Post-Only variants, FOK, IOC, and conditional orders
➤ Features a multi-layered risk management system composed of: initial margin breach (cancels risk-increasing orders), maintenance margin breach (liquidation), community liquidation vault, insurance fund, and ADL as final backstop
➤ Achieves 8,000+ exchange orders per second with its future NOMT database supporting up to 40,000 TPS, while using @PythNetwork Lazer for millisecond-latency oracle updates
➤ A key differentiation from Hyperliquid is that Bullet inherits security from Solana's 1,000+ validators and gains direct access to Solana's existing liquidity and user base with minimal friction rather than bootstrapping it all from scratch
➤ Dedicated L2 blockspace makes it immune to Solana network congestion, crucial for reliability during high volatility when L1-based DEXs become unusable
➤ Wallet abstraction features include social logins via @privy_io, session keys, gas sponsorship, and single account accessible from multiple wallets including both Solana and EVM wallets
➤ Future BulletSVM will allow developers to deploy Solana smart contracts on Bullet's execution layer, creating a composable trading ecosystem similar to HyperEVM on HL.
➤ Bullet is currently live on testnet with mainnet launch pending, and imho provides the blueprint for building "onchain Nasdaq" infrastructure capable of competing with CEXs and traditional finance
Highly recommend to dive deeper, so make sure to check out the article below if you don't want to miss out on some of the hottest CLOB alpha out there rn.
(also NFA but $ZEX is $BULLET and you can still be early)
@a1research__ @solana @bulletxyz Need more alpha?
Sign up for the mainnet waitlist now here:
bulletx.typeform.com/to/zdIwlFH9
QUOTING @a1research__
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What came next · since 02 Oct 2025
Show how the covered asset moved
This breakdown analyzes the project without making a call on the token, so price moves since publication are shown as market context.
Covered, no call
No reliable price feed for $BULLET.
Since then
Zero has written 3 more pieces on $ZEX and $BULLET since this one.
- Bullet: Solana ZK perp DEX appchain built on the Sovereign SDKCovers $ZEX
- Dip buys: HYPE, SOL, ZEX, CODEC, ROBA and the reasoningBullish call on $ZEX
- ZEX is BULLET: Bullet's token migrationBullish call on $BULLET
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.