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Solana's Path To Decentralized Nasdaq | Max Resnick

Jun 24, 2025
Guest
Max Resnick
Max Resnick, lead economist at Anza and former Ethereum researcher, dives into Solana's mission to create a decentralized Nasdaq. He discusses Anza's contributions to the Alpenglow upgrade and how it aims to revolutionize TradFi. Resnick sheds light on the evolution of decentralized exchanges, tackling challenges like liquidity and trading efficiency. He also addresses concerns regarding Solana's inflation and the pressing need for transparent trading mechanisms to enhance user experiences and retain stakers amidst competitive dynamics.
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INSIGHT

Solana's Maturing Protocol

  • Solana's development focus has shifted from quick fixes to long-term improvements like enforcing compute unit limits and enhancing block headers.
  • These changes improve debugging, readability, and future scalability of the protocol.
INSIGHT

CLOB Challenges on Solana

  • Central limit order books (CLOBs) struggle on blockchains like Solana due to market maker disadvantage caused by MEV and transaction ordering issues.
  • Proprietary AMMs show promise by quoting tighter spreads and may outperform traditional CLOBs on chain.
ADVICE

Use Multiple Concurrent Leaders

  • Implement multiple concurrent leaders to solve transaction inclusion and ordering conflicts in Solana's protocol.
  • This allows improved maker protection by enabling alternative leaders to include transactions ignored by others.
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