Jun

Jun@junbug_sol · 2 天前赛道影响

RT @0xJaehaerys: you hold staked SOL and short the perp against it. the stake keeps earning while the short collects funding, and the margi…

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Jun@junbug_sol · 3 天前观点输出

@alranpe @bulktrade Yes, excited to see sei v2 supporting encrypted pools!

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Jun@junbug_sol · 3 天前观点输出

Good question. BULK has no single proposer with a private execution lane. The transaction set is first agreed through consensus. After a taker-capable transaction is committed in round S, every executor (Matching engine) deterministically places the entire transaction into the same delay pool for D execution. It cannot enter the deterministic shuffle, QueueSet, or matching engine until round S+D across all nodes.. More on how multiproposer / leaderless BFT works - https://t.co/fA44kA3Jsm

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Jun@junbug_sol · 3 天前政策影响

Order execution priority is expected to change on @bulktrade At present, orders queued for execution after consensus agreement between nodes go through a deterministic shuffle. This prevents anyone from inserting a front-running transaction after seeing the block contents When the block executes, actions are processed based on protocol priority: 1) Cancels execute first 2) Post-only (ALO) maker orders execute second 3) Regular orders, including market, GTC and IOC, execute third This structure provides fairness guarantees independent of the shuffled ordering, If a cancel and a matching order are in the same execution block, the cancel executes first regardless of its shuffle position. Makers seed the book before takers can cross it. Post-only orders establish liquidity before aggressive orders become executable There is also no front-running within a block. Once consensus fixes the transaction set, nobody can insert a transaction after observing the block contents! As we head towards mainnet (big news next week), we have been having meaningful conversations with the community and market makers. We have come to a few conclusions: 1. BULK network latency between nodes is currently around 20ms at p99 2. Block creation and order collection are incredibly fast - 8ms avg! 3. Execution latency for a dense batch remains below 5ms at p99, keeping the full order path within roughly 20-25ms While this makes BULK one of the most performant decentralised trading networks in the industry, raw speed alone is not enough.. We also need to provide makers with protection against adverse flow, similar to what they have become comfortable with on other venues. Different forms of taker protection already exist across crypto exchanges, including Hyperliquid, Backpack, Lighter and others. These protections make it easier for market makers to quote tighter because they are less likely to have stale liquidity swept when the market moves against them We believe permanent speed bumps prevent true price discovery, which should be a sign of mature markets! But we also understand the current market microstructure. Today, makers often feel safer quoting tightly on an exchange with a bump than quoting wider on an exchange without one. Current crypto industry standards have become important enough that we cannot ignore them.. To create the best market structure, where every participant can thrive, we have to meet the market where it is today and then push hard to innovate beyond it As BULK begins as a new network, we want to provide the same safety to market makers until liquidity and markets mature. This should also be a net positive for our retail users too, who want tighter spreads, deeper books and better fills So today, we are introducing a 25ms taker speed bump: Transactions containing only provably maker-only (ALO) orders can proceed immediately. Taker-capable transactions wait in the delay pool for 25ms before becoming eligible for deterministic ordering and execution. This architecture is strictly temporary. It is intended to protect and encourage market makers during BULK’s first 90-120 days while they become comfortable quoting consistently on the network During that period, we will introduce a novel protective order type that provides better and more targeted protection without delaying all taker flow. The direction is an order that can cancel or constrain its resting exposure when deterministic short-horizon flow signals indicate elevated adverse-selection risk. Similar ideas exist in equities through mechanisms such as IEX D-Limit and Cboe Quote Depletion Protection, You can learn more about how transactions are classified and held before deterministic ordering here: https://t.co/RMomhnH7nL If you are a market maker or a taker fund, please reach out. We want know your thoughts! We will push hard to innovate market structure while offering makers the protection they need, so the overall net gain to BULK remains green Tick by tick!

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Jun@junbug_sol · 5 天前观点输出

RT @bulktrade: a challenger enters the arena soon https://t.co/3e8M0cI0BF

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Jun@junbug_sol · 5 天前观点输出

RT @iirfan: Guess the number of prompts it took https://t.co/7hfUSCFPpP

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Jun@junbug_sol · 5 天前观点输出

@kdotcrypto Congrats guys

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Jun@junbug_sol · 7 天前观点输出

RT @bulktrade: GUESS WHAT DAY IT IS Roll call for all my real AURAmaxxers 👇 Open the door: https://t.co/cRn8P7qFoJ https://t.co/bBgeMGba…

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Jun@junbug_sol · 7 天前观点输出

RT @bulktrade: Anyways... Solana. https://t.co/NHPkOP3pWB

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Jun@junbug_sol · 8 天前观点输出

RT @OG_Branxi: most perp DEXs copied everything from CEXs… except the one thing that actually matters >problem perp DEXs copied the pretty…

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