Bullet architecture vs Solana L1 for HFT: summary of trevor_flipper's analysis
Quote251 words
Summarizes a third-party piece arguing Bullet's streaming execution with millisecond soft confirmations, single sequencer and ZK proofs on Solana beats L1 for high-frequency trading. Notes the sequencer enables custom order types and PFOF models.
Key claims
Bullet aims to be the onchain Nasdaq
Single sequencer gives FIFO ordering and no public mempool
State transitions proven asynchronously and posted to Solana
Great piece on @bulletxyz by @trevor_flipper (a must-follow if you're interested in Perp DEXs).
TL;DR ↓
➤Bullet's architecture is superior to Solana's L1 for high-frequency trading, with the goal of becoming an "Nasdaq onchain."
➤ It utilizes a streaming execution model, providing millisecond soft-confirmations for pre-executed orders, while a sequencer batches and settles transactions in the background.
➤ A single sequencer ensures deterministic ordering (like FIFO), eliminates a public mempool, and reduces rollback risk, making fills feel more reliable during volatility.
➤ The entire workload is ZK-provable, the engine runs at native Rust speed, with state transitions proven asynchronously and posted succinctly to Solana.
➤ This design separates L1 compute limits from the critical trading path, enabling millisecond execution alongside complex risk and unified margin features.
➤ Trades execute instantly with soft-confirmations, and users later receive verifiable cryptographic proofs on the public Solana ledger.
➤ Succinct proofs significantly cut verification costs by compressing off-chain risk calculations compared to re-executing them on L1.
➤ The sequencer fully controls transaction ordering and block production, bypassing the consensus bottlenecks of a universal L1 like Solana.
➤ This control allows for rapid iteration on custom order types, advanced risk engines (e.g., unified margin for options), and potential PFOF or "Zero Fee Perps" models.
@trevor_flipper also elaborates his investment thesis and if/how/to what extent Bullet has an actual edge over ecosystem incumbents on the Solana L1, and touches upon key questions that remain to be answered.
Highly recommend to check out the full writeup below! ↓
QUOTING @trevor_flipper
After analyzing @bulletxyz, I’m convinced its architecture is superior for delivering a high-frequency trading (HFT) execution environment compared to Solana’s current offerings. Bullet aims to be the Nasdaq onchain. How Bullet Works Bullet runs a streaming execution model: or
After analyzing @bulletxyz, I’m convinced its architecture is superior for delivering a high-frequency trading (HFT) execution environment compared to Solana’s current offerings. Bullet aims to be the Nasdaq onchain. How Bullet Works Bullet runs a streaming execution model: or
What came next · since 23 Oct 2025
Since then
Zero has written 4 more pieces on Bullet since this one.