Validated Reinventing Onchain Order Books on Solana w/ Tristan Frezza (Bullet)
Aug 5, 2025
Tristan Frezza, a key innovator at Bullet, dives into the revival of Central Limit Order Books (CLOBs) on Solana and the transformative role Bullet plays in this space. He discusses historical challenges in decentralized finance and how Bullet overcomes them with advancements in smart contracts. Tristan highlights the importance of trading efficiency and user experience, emphasizing the promise of ZK proofs for off-chain computations. The conversation also touches on the competitive landscape with centralized exchanges and the excitement surrounding Bullet's upcoming testnet.
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On-Chain Order Books' Past Challenges
- On-chain order books struggled due to complex compute limits and gas fees on blockchains like Ethereum and early Solana.
- Innovations like Solana's higher throughput and verifiable off-chain compute with ZK proofs are now enabling their comeback.
Porting Financial Math to Solana
- Tristan shared his firsthand experience porting complex financial math like Black-Scholes to Solana's constrained environment.
- He gained new respect for calculator developers due to the intricacies of fixed-point arithmetic and compute limits.
Bullet's Hybrid Exchange Model
- Bullet moves away from fully on-chain order books, using a verifiable server model for speed and user experience.
- This balances transparency, security, and low latency closer to centralized exchange standards, enabling real-time price discovery on Solana.