Phoenix

Introduction

Phoenix is a decentralized trading platform built on the Solana blockchain. It allows users to trade cryptocurrencies directly from their wallets without relying on a centralized exchange. Unlike traditional platforms like Binance or Coinbase, Phoenix operates fully on-chain, meaning that every trade happens transparently and securely through Solana’s smart contracts.

This gives users complete control of their funds at all times, with no need to deposit into a third-party account.

What makes Phoenix unique is its focus on speed, efficiency, and transparency. Because it runs on Solana, trades are executed almost instantly and with very low fees. It’s also permissionless; anyone with a Solana wallet can start trading without signing up.

Key Features

Fully On-Chain Central Limit Order Book (CLOB)

Unlike most decentralized exchanges that use AMMs (like Uniswap), Phoenix uses a central limit order book, the same system used by traditional exchanges. It allows traders to place limit and market orders, giving them more control over pricing and execution.

You get precise trading like Binance or Coinbase, but it runs entirely on the blockchain with no central authority.

Non-Custodial & Self-Custody

Users always retain control of their assets. Phoenix never holds your funds; trades execute directly from your wallet.

It reduces the risk of hacks, frozen funds, or centralized exchange failures. You stay in control at all times.

Instant Settlement

Phoenix settles every trade in a single transaction. Once your order is matched, both the trade and settlement occur instantly. That means, no waiting for confirmations, no risk of unsettled trades, your tokens update immediately in your wallet.

Low Fees & High Efficiency

Thanks to Solana’s fast, low-cost infrastructure, trades on Phoenix have tiny fees, often just a fraction of a cent. More of your capital stays with you. Frequent traders save significantly on transaction costs.

Permissionless Access

Anyone with a Solana wallet can use Phoenix. There’s no sign-up, no KYC, and no restrictions based on geography. Global and open to everyone, with no barriers to entry or exclusion based on location.

Transparency

All trades, orders, and events are visible and recorded on the Solana blockchain. You can verify everything using block explorers like Solscan or SolanaFM. There’s no hidden activity or off-chain manipulation. Traders can audit and track performance in real-time.

Composability with Solana DeFi

Phoenix is built to integrate seamlessly with the Solana DeFi ecosystem. Other protocols can route trades through Phoenix, use its liquidity, or build new tools on top of it. It enables a broader range of DeFi products like aggregators, bots, analytics dashboards, and advanced tracking tools.

How It Works

Using Phoenix Trade is simple and direct. To start, users connect their Solana wallet (like Phantom or Solflare) to the platform. Once connected, they can place buy or sell orders for supported crypto tokens using an order book system, just like on traditional exchanges.

When another user places a matching order, the trade is executed instantly and settled directly on-chain in a single transaction. Since Phoenix is non-custodial, users never need to deposit funds; trades happen straight from their wallets.

This makes it fast, secure, and fully transparent, with all activity recorded on the Solana blockchain.

Why It Matters (for Solana Users)

Phoenix Trade is a major breakthrough for Solana users because it brings fully on-chain, high-performance trading to the ecosystem. For traders, it offers the speed and precision of a centralized exchange while maintaining full self-custody and transparency, something that most DEXs can’t provide.

For stakers and DeFi users, Phoenix adds a new layer of liquidity and utility to the Solana ecosystem, enabling more efficient capital use and advanced trading strategies.

And for explorers and builders, it showcases the real potential of Solana’s low-latency, high-throughput design, proving that fast, scalable, and trustless trading is not only possible but already live.

How to Use It

Getting started with Phoenix is simple. Here’s a step-by-step guide:

Step 1: Get a Solana Wallet

Download and set up a wallet like Phantom, Solflare or Backback.

Step 2: Fund Your Wallet

Add SOL to your wallet (for transaction fees) and the tokens you want to trade (e.g. USDC, BONK, etc.).

Step 3: Go to Phoenix Trade and Connect Your Wallet

Visit https://www.phoenix.trade/, click on ‘Start trading’. You should be redirected to the Phoenix App, where you can start trading.

But before that, click the wallet icon in the top right corner to connect your wallet. Select your wallet and confirm the connection.

Step 4: Choose a Trading Pair and Place an Order

Once connected, you can now pick a token pair you want to trade, such as SOL/USDC or BONK/USDC.

You can place a limit order using the Orderbook. Enter the price and amount, and click Buy/Sell, then confirm the transaction.

The trade will be processed and settled instantly on-chain. Your new tokens will appear in your wallet automatically.

Milestones