1/ Solana is taking major steps towards becoming the home of internet capital markets. 🧵👇 Upcoming changes are designed to give developers ALL the tools they need to build efficient, liquid markets on-chain.

Are equities a suitable asset class to bring on-chain? Let’s hear what @calilyliu and @nickducoff think.

Welcome to @usebreezebaby The Headless Yield Engine for Every Mobile App Sign up using the Contact Form Below↓

Liquid internet markets. Meet BAM by @jito_labs — a proposed new system for private, fair, and programmable transaction processing. Designed for Solana-native CLOBs, DarkFi pools, perps, and more 🧵

At the start of the year the Solana ecosystem had a minimal presence in DC. We had all spent 4 years sidestepping the predator / prey dynamic the last admin took with crypto. Now, with the US emphasizing American leadership in digital finance and innovation, we felt there needs to be a strong advocate for the tech that underlies it all: the protocol layer. After all, defi is blockchain and blockchain is defi. The protocol, the tech is the essence of this innovation. Exchanges, VCs, holding companies are all enabled by the existence of the blockchain protocols. Sometimes our industry can assume network decentralization and a commitment to open source tech necessarily results in passiveness and a lack of leadership. We don’t think so. That’s why we have @SolanaInstitute to make sure the tech that underlies this all stays top of mind. Thanks for being on board @thecolinmclaren @millercwl @KMSmithDC

“How can we get foundations to onshore to the US?” Under current corporate tax policy - and currently discussed tax changes - it is not possible. Currently, every token transfer in the USA is considered a transfer of (appreciated) property. Because foundations typically have ~$0 cost basis on their tokens, every transfer of tokens thus incurs corporate tax, which practically means a 25% tax on every transaction - not to mention an administrative nightmare. No one can afford to pay $125 every time they spend $100. De minimus doesn’t address this because $600 doesn’t pay for much in a corporate context. Foundations today sit in Cayman where corporate tax is 0%. Spend $100 in your token, actually spend $100. An older gen of foundations sit in Switzerland, where tax rulings make it such that if you spend $100 in your token, you end up paying about $1 in taxes during your annual filing.

Drift volume has 10x’d over the past few weeks. We’re regularly clearing over $800M a day, with open interest >2x to $400M, making us the second largest perp DEX by OI. What’s been happening under the hood? 1. Our protocol-owned AMM is now highly competitive. There’s been a lot of work done on AMM liquidity and natively on-chain market makers, and the numbers are speaking for themselves. AMM fills have gone from under 30% to 70% of all fills on Drift. This confirms what we’ve believed for a long time: on-chain coded matching logic can outperform traditional CLOBs. The average fill on majors is now just 1–3bps which is CEX-level liquidity, all on chain, all on Solana. 2. We’ve started onboarding new market makers and taker firms We've already onboarded 10+ new trading firms and are onboarding more MMs as we speak. Even after launching our zero-fee BTC campaign, usage across fee-paying markets has grown, and protocol revenue is trending up. All this has led to tighter spreads, better fills, and just more activity across the board. If you’re a trading desk/MM, now’s the time to be on Drift. 3. Our OI metrics are showing true retail activity, not just taker volumes The strength of our Open Interest ($400M+) isn’t just driven solely by takers playing zero-fee markets. It's showing real, sticky retail demand, with a growing user base that is using the platform at scale. 4. Performance upgrades on the product Behind the scenes, the team’s been heads down on product performance. We're actively testing auto-confirm on @phantom, reworking our onboarding to one step, building a cleaner mobile web UX for @Phantom, @solflare, and , users. We have also been keeping our ears to the ground and are continously responding to every single user's feedback. All to achieve a simple goal: make Drift the fastest, smoothest trading experience in DeFi. And there’s A LOT more coming: • Isolated perp positions support in a single sub-account • Take profit / stop loss upgrades • A compute-optimised MM oracle built specifically for our AMM • Drift Builder Codes: revenue sharing for ecosystem partners • Drift Foundation’s Builder Fund: grants and support to accelerate mobile frontends • Drift Liquidity Provider (DLP) token, giving users a way to earn yield by supplying liquidity to the protocol Everything is compounding. We’re building the most performant on-chain exchange and it’s already starting to show in the numbers. We'll keep pushing because we’re not here to be second best. Floodgates will be opened. We are in wartime mode. We will be #1.

. @akshaybd DMs are open

Excited to be in DC for crypto week. Our industry has held “blockchain week” in practically every city around the globe. Great time for this to be happening in the capital city of the global capital of innovation 🇺🇸

Not just assets on chain - but also assets that move