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August 5, 2025 42 mins

In this episode, Austin chats with Tristan (Bullet) to discuss the significant evolution of decentralized finance (DeFi), particularly focusing on the re-emergence of Central Limit Order Books (CLOBs) and the innovative development of Bullet on Solana. Tristan dives into the history of order books, their challenges in the DeFi space, and the technological advancements that are now overcoming these obstacles. They explore the unique position Bullet occupies in the Solana ecosystem, advancements in smart contract programming, the importance of co-location for trading efficiency, and the promise of ZK proofs for verifiable off-chain compute. Additionally, they cover how Bullet seeks to provide superior user experience without compromising on performance, aiming to compete with centralized exchanges while leveraging the transparency and security of blockchain technology

00:00 - The Return of CLOBs to DeFI 

01:43 - Challenges of On-Chain Order Books

03:42 - Innovations in DeFi and Solana's Role 

08:30 - How Zeta Became Bullet 

11:39 - Decentralization vs. Performance 

15:04 - Exploring Different Models for Order Books 

23:24 - Challenges in Centralized and Decentralized Trading 

24:15 - Solana's Trading Model and Its Impact 

25:52 - Pitching to Professional Traders 

26:37 - Technical Aspects and Integration 

28:25 - Market Dynamics and Maker Strategies 

31:39 - Performance Metrics and Optimization 

36:48 - Data Access and Fairness in Trading 

40:34 - Upcoming Developments and Testnet 

42:30 - Conclusion


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