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Bullet

33 pieces · Jun 2025 to Oct 2026 · 6 flagship

Sectors

Perps27 Solana18 ZK8 Hyperliquid8 DeFi7 L1/L27

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282025

52026

Start here · the strongest pieces on Bullet

Map16 Jun 2025CLOB Wars Line-Up 2.0: 26 onchain orderbook projects mappedUpdated community-sourced landscape of CLOB venues across L1s and L2s, each with its architecture, from Hyperliquid's HyperCore to Monad, Sui, Aptos, Cosmos and Solana projects.Breakdown12 Dec 2025Bullet: Hyperliquid-grade perp infrastructure as a Solana network extensionExplains Bullet's Rust-native, ZK-proven (SP1) trading network extension with Celestia DA, plus app-specific sequencing that prioritises maker orders and cancellations to cut adverse selection and tighten spreads.Breakdown02 Oct 2025Bullet: Solana's onchain Nasdaq with 1ms latency, TL;DR of A1 articleTL;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.

Timeline · every piece, newest first

2026 5

22 Oct 2026Bulk: validator-embedded perp DEX on Solana, 46 days after mainnetBulk runs matching in a leaderless BFT network of Solana validators. After 46 days it has ~$1.3B cumulative volume, $14.6M OI (10x since 9 Sep) and ~$9K daily fees; December removes the speed bump, zero maker fees and Challenger Season 1 together.BreakdownPerpsSolanaDeFi

17 Sep 2026Solana Alignment Spectrum: where perp DEX matching sits in the stackSplits Solana perp DEXs by how deep matching sits in Solana: Pacifica offchain on its own servers, Bullet in a bonded sequencer, Bulk in ~5% of validators, Parasol aiming for inside Agave itself.MapPerpsSolana

16 Sep 2026Solana perp DEX ecosystem map: Phoenix, Pacifica, Jupiter, Bulk and 11 moreLandscape of 15 Solana perp venues with architecture and traction: Phoenix (crankless CLOB, $1B all-time), Pacifica ($220B+ cumulative), Jupiter (~$510B cumulative), Bulk, GMTrade, Bullet, Parasol and Drift's rebuild as Velocity.MapPerpsSolanaDeFi

27 Feb 2026Bullet: Solana perps via a purpose-built execution layerSolana did ~$451B in perps volume in 2025 versus Hyperliquid's ~$3T, because shared blockspace sets a latency floor. Bullet adds a native Rust runtime, FIFO sequencer, SP1 ZK proofs, Celestia DA and Solana settlement.BreakdownPerpsSolanaZK

12 Feb 2026Bullet mainnet: the onchain Nasdaq on SolanaExplains Bullet's network extension: a custom Rust runtime on the Sovereign SDK, Celestia DA, SP1 ZK proofs and Solana settlement, with maker-priority sequencing and dedicated blockspace. Mainnet rollout is gated by deposit caps.BreakdownPerpsSolanaZK

2025 28

12 Dec 2025Bullet: Hyperliquid-grade perp infrastructure as a Solana network extensionExplains Bullet's Rust-native, ZK-proven (SP1) trading network extension with Celestia DA, plus app-specific sequencing that prioritises maker orders and cancellations to cut adverse selection and tighten spreads.BreakdownPerpsSolanaZK

28 Oct 2025Solana catalysts: ETF, Firedancer, Alpenglow, network extensionsLists Solana catalysts: spot SOL ETF filings, Firedancer, Alpenglow finality of 100-150ms in early 2026, Jito BAM, DoubleZero and network extensions like Bullet and Arcium. Concludes it may be the best bet among majors besides HYPE.ThesisSolanaL1/L2Regulation

25 Oct 2025Bullet: Solana ZK perp DEX appchain built on the Sovereign SDKBullet is a ZK-powered Solana network extension with a Rust matching engine (BulletCore), single FIFO sequencer, Celestia DA and SP1 proofs verified on Solana. Adds borrowing/lending, wallet and gas abstraction, and a planned BulletSVM.BreakdownPerpsSolanaZK

25 Oct 2025Sovereign SDK for building high-performance CLOB perp DEX appchainsSovereign's Rust rollup stack removes code-size and compute limits, supports EVM and Solana wallets, and bridges via Hyperlane. Bullet is the prominent perp DEX example built on it.ExplainerPerpsL1/L2Tooling

24 Oct 2025Why Solana TVL holds at $11B while user activity fellSolana TVL is near ATH while active users dropped since the meme and agent peak. Attributes the shift to perp appchains, Phantom's Hyperliquid integration, BNB Chain and Base retail competition, and prediction markets absorbing gambling flow.Market takeSolanaPerpsMemecoins

23 Oct 2025General-purpose EVM L2s and the case for network extensionsArgues Ethereum does not need 50 vanilla EVM L2s and favors specialized L2s and Solana-style network extensions that add functionality. Notes the unresolved question of L2 value accrual to the L1.ThesisL1/L2EthereumSolana

23 Oct 2025Bullet architecture vs Solana L1 for HFT: summary of trevor_flipper's analysisSummarizes 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.BreakdownPerpsSolanaZK

17 Oct 2025State of the CLOB Wars (A1 x GSR): key findings of the 50-page reportTL;DR of the A1 Research and GSR report: CLOBs hold over 71% of DEX volume, CEX-level performance is achieved, modular appchains compete with monolithic L1s, and application-controlled execution plus privacy and risk management are the next frontier.BreakdownPerpsMarket structureDeFi

16 Oct 2025A1 Research CLOB campaign: reading list of 11 articles and reportIndex of A1 Research's CLOB campaign: 11 articles and a two-part report covering AMMs vs CLOBs, CLOB appchains, real-time chains, Hyperliquid, Paradex, Bullet, Monaco, privacy and institutional DeFi.OtherPerpsMarket structureDeFi

14 Oct 2025Dip buys: HYPE, SOL, ZEX, CODEC, ROBA and the reasoningExplains five dip buys after the Friday crash. HYPE showed zero downtime and a working ADL, SOL has multiple catalysts, ZEX migrates to BULLET at about $17M mcap, and CODEC and ROBA are robotics bets.ThesisHyperliquidSolanaRobotics

11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.ThesisHyperliquidPerpsMarket structure

05 Oct 2025Aster and paid KOL shilling in the CLOB wars: moat and fake volumeArgues hot narratives bring airdrop farming and paid KOL shilling, citing Aster as a CEX-led effort. Urges checking each project's technical or product moat and timing, and studying builders like Bullet, Paradex, Monaco and Lighter.Market takePerpsMarket structure

04 Oct 2025ZEX is BULLET: Bullet's token migrationPoints out that Bullet, the Solana network extension offering an onchain Nasdaq with 1ms latency and thousands of TPS, already has a tradable token as ZEX, which migrates to BULLET.ThesisPerpsSolana

04 Oct 2025A1 Research CLOB campaign week one recap and article linksRecap of the first week of A1's CLOB campaign: AMMs to CLOBs, State of the CLOB Wars, Bullet, Paradex, landscape maps, CLOB appchains, real-time chains and Monaco, with a Monaco report and expert space announced.OtherPerpsMarket structure

02 Oct 2025Bullet: Solana's onchain Nasdaq with 1ms latency, TL;DR of A1 articleTL;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.BreakdownPerpsSolanaZK

28 Sep 2025Why ZEX (Bullet) looks mispriced: Solana's answer to HyperliquidArgues Bullet is Solana's missing HL-style perp DEX, with 1.2ms latency versus 400ms on Solana L1, integrated lending and a strong team. Notes ZEX trades at a $23m mcap and $124m FDV, which he sees as a favourable risk/reward.ThesisPerpsSolanaHyperliquid

28 Sep 2025Ten CLOB DEX plays to research beyond HyperliquidWatchlist of ten onchain CLOB venues worth researching besides Hyperliquid: Bullet, Paradex, Monaco, Lighter, Hibachi, GTE, Valhalla, Decibel, Nitro and Ambient. Explicitly excludes Aster and Apex as CEX-linked.MapPerpsHyperliquid

25 Sep 2025Bullet breakdown: Solana's trading layer and the perps paradoxBreaks down Bullet, an application-specific rollup using Solana for settlement with a Rust matching engine at about 1.2ms latency, cancel prioritization and ZK-verified sequencing. Covers cross-margin across spot, perps and lending and compares it with Hyperliquid and Solana DEXs.BreakdownPerpsSolanaHyperliquid

25 Sep 2025Hyperliquid over Aster, plus the CLOB challengers worth studyingArgues Aster lacks tech, UX and real users and is a paid-KOL trade, and that CEXes and VCs are fudding HYPE to rotate back cheaply. Lists credible CLOB challengers including Bullet, Paradex, Monaco and Lighter.Market takeHyperliquidPerps

21 Jul 2025Research agenda July 2025: MegaETH, CLOBs, proving markets, DeAI, privacyA list of themes under active research: MegaETH, CLOB infra, proving markets, ZK infrastructure, ML networks, AI agents and robotics, stablecoins, RWAs, programmable privacy, BTCfi and Hyperliquid.OtherZKAIHyperliquid

14 Jul 2025Why MegaETH: real-time EVM with <5ms latency and 100k TPSMegaETH offers a real-time EVM (<5ms latency, up to 100k TPS) enabling high-frequency CLOBs and gaming, with EigenDA and a native bridge to Ethereum's liquidity. As general-purpose chains saturate, the author backs app-specific systems and chains with clear differentiators.ThesisL1/L2Ethereum

06 Jul 2025CLOB wars: why onchain orderbooks are replacing AMMs and who builds themAMMs were a forced tradeoff until real-time chains, scalable DA, ZK proving and fast oracles made orderbooks viable. Maps CLOB appchains (Hyperliquid, Bullet, Lighter, Paradex, Hibachi) and onchain CLOBs (GTE, Nitro, Monaco, Fuel, Aptos).MapPerpsDeFiHyperliquid

26 Jun 2025Counter-takes on infra winners and losers: ZK, RaaS, intents, restakingPartly agrees that Hyperliquid reset standards but pushes back project by project on a list of supposedly dead infra: Zama, RISC Zero, Caldera and Anoma. Agrees shared sequencing and EigenLayer copycats are in tough spots, and adds Fluent, Sovereign Labs and zkML as alive.Market takeZKL1/L2Market structure

16 Jun 2025CLOB Wars Line-Up 2.0: 26 onchain orderbook projects mappedUpdated community-sourced landscape of CLOB venues across L1s and L2s, each with its architecture, from Hyperliquid's HyperCore to Monad, Sui, Aptos, Cosmos and Solana projects.MapPerpsDeFiL1/L2

14 Jun 2025CLOB War Line-Up: eight onchain orderbook contendersFirst version of the CLOB wars list: Hyperliquid's HyperCore plus Valhalla and GTE on MegaETH, Bullet on Solana, Fuel, Nitro on RISE, Monaco on Sei and Hibachi on Celestia. Later expanded into the 2.0 line-up.MapPerpsDeFi

12 Jun 2025Fuel as an underrated player in the CLOB warsArgues Fuel is built for onchain CLOBs through FuelVM, parallel execution, a hybrid UTXO/account model and EigenDA, while building a CLOB in house starting with spot, then perps and options.ThesisL1/L2Perps

11 Jun 2025Bullet as Solana's answer to Hyperliquid and room for multiple DEX winnersDescribes Bullet as a hybrid rollup with ZK fraud proofs and settlement on Solana, with a purpose-built runtime and a CLOB at 2-3ms latency. Argues Hyperliquid stays king but, as DEXes eat CEXes, there will be more than one winner.ThesisPerpsSolana

10 Jun 2025Bullet: Solana network extension built for onchain CLOB tradingIntroduces Bullet as an optimistic rollup on Solana using ZK fraud proofs, designed for trading with a CLOB at thousands of TPS and 2ms latency. ZEX migrates 1:1 to the new token at mainnet.BreakdownPerpsSolana

Often covered with

Hyperliquid113 Solana60 Paradex26 Monaco18 Sovereign Labs13 Lighter21 Succinct38 Celestia145

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