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Sovereign Labs

13 pieces · Oct 2023 to Feb 2026 · 4 flagship

Sectors

Perps9 Solana8 ZK7 L1/L25 Market structure3 Tooling1

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Coverage per year

12023

22024

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22026

Start here · the strongest pieces on Sovereign Labs

Explainer12 Jan 2024Chainway: a sovereign ZK rollup secured by Bitcoin as its DA layerExplains how Chainway builds an EVM ZK rollup on Bitcoin using the Sovereign SDK, Ordinals-style inscriptions, recursive proofs and forced inclusion to inherit Bitcoin's liveness, censorship and reorg resistance. Flags slow block times and no DAS as caveats.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 2

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 8

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

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

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

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

11 Jul 2025Why RWA tokenization hasn't scaled yet and what is unblocking itRWAs are held back by missing high-performance DeFi infra, weak oracle infra and regulatory ambiguity. All three are improving through verifiable CLOBs, modular oracles like eOracle, the Genius Act and treasury adoption, with stablecoins already the largest onchain RWA class.ThesisRWADeFiMarket structure

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

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

2024 2

16 Sep 2024Spicenet: Solana network extension for fast perps trading on CelestiaBreaks down Spicenet, an optimistic sovereign rollup on Celestia built with the Sovereign SDK. It hosts Pepper DEX, a perps and futures venue using a modified Dexterity protocol, and uses RISC Zero ZK proofs and a Solana bridge.BreakdownSolanaPerpsL1/L2

12 Jan 2024Chainway: a sovereign ZK rollup secured by Bitcoin as its DA layerExplains how Chainway builds an EVM ZK rollup on Bitcoin using the Sovereign SDK, Ordinals-style inscriptions, recursive proofs and forced inclusion to inherit Bitcoin's liveness, censorship and reorg resistance. Flags slow block times and no DAS as caveats.ExplainerBitcoinZKL1/L2

2023 1

16 Oct 2023Cross-rollup composability: proof aggregation, shared sequencing and SUAVEAdds commentary to an interop overview: light-client ZK verification, validity proof aggregation layers, shared validity sequencing for atomicity, SUAVE as demand-side aggregator and shared sequencers needing stateful builders.Market takeL1/L2Market structure

Often covered with

Bullet33 Succinct38 Celestia145 Solana60 Hyperliquid113 Pyth17 A1 Research39 Boundless42

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