PhoenixTrade Surpasses $10M Open Interest on Solana

PhoenixTrade, a perpetual futures decentralized exchange (DEX) built on Solana by Ellipsis Labs, has achieved a significant milestone. Its open interest surpassed $10 million for the first time, climbing as high as $11 million.

This represents a roughly 25% increase from its previous all-time high of $8.8 million set in June 2023.

The surge is attributed to the launch of PhoenixTrade's 'Flight Club' incentive program on July 27-28, which allocates $420K in USDC rewards over 28 days, distributed based on trading volume, open interest held, and referrals.

PhoenixTrade's technical advantage lies in its fully on-chain order book architecture, eliminating the need for external actors to process and match orders, resulting in gasless trading with fees of roughly 0.005%.