Sam Schubert
Interesting to see @dflow DEX aggregator activity picking up. Now at 18% of @solana aggregator volume. Looks to be driven by foreign assets like hyperliquid:native and zcash:native, with Solana increasingly becoming a venue for trading major non-native tokens onchain. https://twitter.com/minnus/status/2064084137678406122/photo/1
中文: 看到 @dflow DEX 聚合活动逐渐恢复，感觉很有趣。 现在占@solana聚合器容量的18%。 看起来由 hyperliquid:native 和 zcash:native 等外资资产驱动，而 Sorana 正日益成为主要非原生代币的交易平台。
2026-06-08 20:36:21
Sam Schubert
The @solana thesis is one composable venue. The goal should be multiple credible @HyperliquidX competitors all existing inside the same monolithic system. With Solana spot already outperforming CEXs on major pairs, perps are the next major unlock. Having performant perp… https://twitter.com/minnus/status/2060481426085101663/video/1
中文: @solana 论文是一个可组合的场所。目标应该是多个可信的 @HyperliquidX 竞争对手，这些竞争对手都存在于同一单一系统内部。 由于索拉纳在主要对次比赛中的表现已超过CEX，以下是下一个主要解锁点。 拥有表演者......
2026-05-29 22:00:28
Sam Schubert
Solana spot execution is already starting to beat CEX venues on major pairs like solana:So11111111111111111111111111111111111111112 and bitcoin:native The number one thing Solana should be striving toward is extending this edge and pushing it into more pairs. If this extends… https://twitter.com/minnus/status/2060129242416091565/video/1
中文: 索拉纳的现货执行已经开始在索拉纳等主要对次平台上击败CEX场馆:索111111111111111111111111111111111111111111111112112112112 索拉纳应该努力做到的第一件事就是将这一优势扩大，并使其更加对齐。 如果这延长了......
2026-05-28 22:41:01
Sam Schubert
The ticker is solana:So11111111111111111111111111111111111111112 Traditional markets run across siloed ledgers that cannot talk to each other in real time. @solana is the leading expression of the single state machine thesis: one venue where anyone can access the market, build… https://twitter.com/minnus/status/2059998648964960656/photo/1
中文: 勾选代码为 solana:So11111111111111111111111111111 传统市场跨越孤立的账本，无法实时相互通信。 @solana 是单一状态机器论文的主要体现:一个任何人都可以进入市场的场所，可以进行建设......
2026-05-28 14:02:05
Sam Schubert
https://x.com/i/article/2059710902992011269
2026-05-27 20:17:04
Sam Schubert
Phoenix is becoming one of the clearest tests for how performant Solana-native perps can become. Building fully within the SVM and Solana’s leader-based system is a major constraint, but Phoenix is engineer its way through it. Plus on the infrastructure side we are still early… https://twitter.com/minnus/status/2059444355967119773/video/1
中文: 菲尼克斯正成为检验索拉纳-本土性能表现最清晰的测试之一。 在SVM和索拉纳的领导制体系内全面建设是一个主要制约因素，但菲尼克斯正在通过它进行工程设计。 此外，在基础设施方面，我们仍处于早期阶段......
2026-05-27 01:19:31
Sam Schubert
Agree with @KyleSamani that the next step to watch is @perps. In terms of competing with Binance, I’ve been looking at multiple venues’ hourly BTC perp close vs Binance BTCUSDT perp, then smoothing the difference over 24h to get a gauge of execution quality. On that basis,… https://twitter.com/minnus/status/2058315941554106784/photo/1
中文: 同意@KyleSamani的观点，接下来要关注的是@perps。 在与币安竞争方面，我一直在关注多个场馆每小时的比特币兑比(BTCUSDT)对比，然后通过24小时来缩小差距，以衡量其执行质量。 基于此，......
2026-05-23 22:35:36
Sam Schubert
The best place to trade $BTC is starting to be @solana. In Jupiter cbBTC-USDC $5k to $20k fills, both buyer and seller medians have recently moved below zero, meaning users are getting outright price improvement versus the pre-fill Binance reference before even counting Binance… https://twitter.com/minnus/status/2057920704629105094/photo/1
中文: 交易BTC的最佳地点是@solana。 在Jupiter cbBTC-USDC中，5至2000美元的填充量为5万至2000美元，买家和卖方的中位数最近均降至零以下，这意味着用户在计入币安之前，价格与前填充币安的参考相比，正在实现直接的改善。
2026-05-22 20:25:04
Sam Schubert
@toly The chain for all assets
中文: @toly 所有资产的链条
2026-05-20 23:50:37
Sam Schubert
The best place to trade @Zcash is starting to be @solana. Across $500 to $3k ZEC/USDC fills this year, Solana beat Binance’s executable ZEC/USDC book by ~7 bps at the median versus VIP 9 and won ~62% of comparisons. The comparison replays Binance’s ZEC/USDC order book and walks… https://twitter.com/minnus/status/2057246769478820146/photo/1
中文: 交易@Zcash的最佳去处是@solana。 今年，在500至3万澳元的ZEC/USDC总收入中，索拉纳在中位值与VIP 9相比，超过了币安的可执行ZEC/USDC账号，并赢得了约62%的比较。 对比将重播为币安的ZEC/USDC订单和步行...
2026-05-20 23:47:06
Sam Schubert
The key thing about @PhoenixTrade isn't whether fees are cheaper to trade. It's the engineering feat they're pulling off. Phoenix is a fully onchain orderbook DEX running on a general-purpose VM. That design lets it compose atomically with arbitrary smart contracts, which means… https://twitter.com/minnus/status/2055300905944138061/photo/1
中文: @PhoenixTrade 的关键不在于交易费用是否更便宜。这是他们正在实现的工程壮举。 Phoenix 是一款完全在线的订单簿，运行在通用虚拟机上。这种设计使其能够通过任意智能合约进行原子性合成，这意味着......
2026-05-15 14:54:56
Sam Schubert
Phoenix perps maker fees are 3x cheaper than Hyperliquid. @PhoenixTrade: 0.005% maker fee @HyperliquidX: 0.015% maker fee Lower maker costs should help attract tighter quoting, improve taker execution, and deepen liquidity over time. Note that @gmtrade_xyz and @JupiterExchange… https://twitter.com/minnus/status/2054232656754221504/photo/1
中文: 菲尼克斯的制造商费用比超级液体便宜3倍。 @PhoenixTrade:0.005% 创客费用 @HyperliquidX:0.015% 制造费 较低的制造成本应有助于吸引更严格的报价，提高执行率，并随着时间的推移加深流动性。 请注意:@gmtrade_xyz 和 @JupiterExchange...
2026-05-12 16:10:05
Sam Schubert
For trading solana:So11111111111111111111111111111111111111112 perps, Phoenix is already the cheapest venue we measured for $10k and $50k clips. This is full round-trip cost, including taker fees and price impact. As liquidity deepens, helped by maker fees that are multiple… https://twitter.com/minnus/status/2053999122646982970/photo/1
中文: 对于交易索拉纳:索1111111111111111111111111111111111111121，菲尼克斯已经是我们以1万美元和5万美元价格衡量的最便宜的场所。 这是全额往返费用，包括取运费和价格影响。 随着流动性的加深，由于制造商费用增加，这些费用是多重的......
2026-05-12 00:42:06
Sam Schubert
Awesome talking to @kashdhanda about @JupiterExchange and how execution on major @solana pairs like SOL/USDC is now materially better than centralized venues like Binance. Buyers pay less. Sellers receive more. Imo this is just the beginning of the best pricing moving onchain,… https://twitter.com/minnus/status/2052849717294584102/video/1
中文: 与@kashdhanda谈论@JupiterExchange，以及像SOL/USDC这样的主要@solana对如何执行现在比Binance这样的集中式场所在实质上要好得多。 买家支付的费用更少。卖家收到更多。 Imo 这只是链上定价最佳的开始......
2026-05-08 20:34:47
Sam Schubert
Execution using @Solana on major pairs like SOL/USDC through Jupiter is now materially and consistently better than centralized venues like Binance. Buyers pay less, Sellers receive more. The market dynamics are working and this should start to extend to many more pairs.… https://twitter.com/minnus/status/2051842367813030019/photo/1
中文: 使用 @Solana 对 SOL/USDC 等主要对子(如 SOL/USDC)进行执行，如今在物质上和持续程度上都优于像币安这样的集中式场所。 买家支付较少，卖家收到更多。 市场动态正在发挥作用，这应该会开始扩展到更多对。
2026-05-06 01:51:56
Sam Schubert
A better oracle update placement chart, highlighting the lack of uniformity across Solana block builders. For each propAMM update, we measure where it lands in the block as: tx index / total txs in block Then bucket the result into 5% slices. https://twitter.com/minnus/status/2050383111960031354/photo/1
中文: 更好的 oracle 更新布局图表，凸显了 Solana 区块构建器中缺乏均匀性。 对于每次propAMM更新，我们测量其位于块中的位置为:tx index / contal txs 然后将结果倒入5%片中。
2026-05-02 01:13:22
Sam Schubert
Data we collected earlier this year also shows how oracle updates vary greatly from scheduler to scheduler. Validators run a mix of schedulers, so maker transactions (oracle updates) land at unpredictable positions across blocks. Prop AMMs respond by either spamming multiple… https://twitter.com/minnus/status/2049604852053885112/photo/1
中文: 今年早些时候我们收集的数据还显示，按计划程序进行的折号更新差异很大。 验证器由调度器混合运行，因此制造者交易(神蛾更新)会跨区块运行，处于不可预测的位置。支持AMMs通过多个垃圾邮件进行回复......
2026-04-29 21:40:51
Sam Schubert
USDT/USDC has just became the most quoted pair by @Solana propAMMs Coincidence that @DriftProtocol just announced a $150M @Tether-backed relaunch with $USDT? https://twitter.com/minnus/status/2044809638227415128/photo/1
中文: USDT/USDC 刚刚成为 @Solana proAMMs 报价最多的对 巧合的是，@DriftProtocol 刚刚宣布推出一项由 @Tether 支持的 1.5 亿美元 FUSDT 重新推出的计划?
2026-04-16 16:06:23
Sam Schubert
https://x.com/i/article/2041318691455852544
2026-04-10 14:27:23
Sam Schubert
https://x.com/i/article/2040131566592999424
2026-04-03 20:20:48