Episode Overview
A deep dive with Tristan, founder of Zeta Markets, exploring their groundbreaking L2 solution, Bullet. This episode covers the evolution from Zeta to Bullet, technical innovations, and how they're achieving CEX-level performance with DeFi transparency.
Detailed Show Notes
Tristan's Background & Early Solana Days
Started in AI/machine learning before crypto
Won early Solana hackathon (2nd ever) among 10,000 teams
Built one of the first DEXs during early Solana days
Left tech job to build Zeta full-time in 2021
Zeta's Journey
Built first on-chain perpetuals exchange on Solana
Processed over $15B in trading volume
Reached 100,000+ users
Faced challenges with Solana congestion during high-volume periods
Why Build an L2?
Current Solana limitations:
Account limits in Solana VM
Network congestion during peak times
Transaction speed constraints
Need for better execution in perps trading
Goal: Match or exceed CEX performance
Bullet Technical Innovation
5ms latency (vs Binance's 20ms)
5-7,000 TPS capability
ZK proofs for transaction verification
Custom execution environment
Seamless 2-second bridging from Solana
User Experience Improvements
No wallet popups for trading
Session keys for continuous trading
Embedded wallet integration with Privy
Web2 authentication options
Simplified onboarding process
Market Making & Liquidity
Improved environment for market makers
Better execution and lower fees
Faster price updates and order matching
Support for proper limit orders
Future Plans
Closed beta testing in progress
Public beta launching January 2024
Mainnet target: End of Q1 2024
Plans for 100+ trading pairs
Focus on meme coin markets
Integration with Solana
Uses Solana for settlement and data availability
Maintained security through Solana validator network
Fast bridging due to Solana's quick finality
Support from core Solana team
Resources
Twitter: @Tristan0x
Key Quotes
"We don't want another FTX. We want to build an autonomous system that people can trade that they can experience free markets on."
"The beauty of derivatives is they are derived from the actual underlying price... we don't actually need the native asset itself, all we need is an Oracle price."
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