Ellipsis Labs launched Phoenix, their new CLOB built on Solana. Ellipsis was in production before the Alameda (and by extension Serum) collapse and brings competition to OpenBook to be the premier Solana CLOB. Phoenix joins other Solana DeFi protocols like MarginFi and Cypher who have also recently launched this month, and will be whitelisting market makers until it becomes permissionless after their beta phase. Ellipsis has also open-sourced their code, something that lacks in Solana’s culture but is trying to improve.

Solana DeFi had some momentum and got slightly derailed as last week’s halt came at a very suboptimal time (not that there’s ever a good time). We would like to see Solana DeFi get a chance to thrive as there are a lot of interesting protocols coming to market, but need liveness to be prioritized at the infra level. Solana DeFi v2 has uniquely differentiated protocols and we’ll be watching them closely.