Eugene Chen, co-founder of Ellipses Labs, Phoenix Protocol, and Umbra Research, discusses Solana's local fee markets, MEV on Solana, app-specific MEV, Solana's DeFi risk, Phoenix's limit order book, and the importance of understanding infrastructure for app developers.

Eugene Chen, co-founder of Ellipses Labs, Phoenix Protocol, and Umbra Research, discusses the limitations of Solana's local fee markets and proposes potential solutions. They also explore MEV on Solana, app-specific MEV, Solana's DeFi risk, Phoenix's limit order book, and the importance of understanding infrastructure for app developers.

Eugene Chen, co-founder of Ellipsis Labs, and Doug Colkitt, co-founder of Crocodile Labs, discuss the evolving world of onchain trading and DEX designs, exploring factors like gas costs, latency, and modular "hooks". They debate the advantages of taking DEX components offchain and discuss the end game of DEX design.