Original title: "How does the gold manual Bulk Trade get Toly's preference?"

By KarenZ, Foresight News

In the Perp DEX area, despite the evolution of the mobility and user interface, DEX has been difficult to match fully with CEX in terms of delay and throughput due to constraints on consensus mechanisms and block generation at the bottom of the public chain。

Bulk Trade has also chosen a different technical route from the conventional Perp DEX: go to the bottom facility and try to create a layer of trading with a combination of centralized speed and decentralised settlement capability by customizing the Solana certifier client structure。

What background

According to official disclosures, Bulk raised $8 million in seed ship financing, with 6th Man Ventures and Robot Ventures as lead investors, and other participants include Wintermute, Chatter One, Mirana Ventures, Big Brain Holdings and Angel Investor Anatoly Yakovenko (co-founder of Toly, Solana) and Delphi Digital Research Manager, Ceteris。

Two co-founders of Bulk are active in the encryption community:

• CEO Kobie McGlashan: co-founded Web3 Recruitment and Consulting in February 2022, and served as CEO of the CEO of Orderly Network Marketing and Development from April to August 2022, and previously as Regional Control Manager of the British Telecommunications giant Openreach。

• CTO Junaid Peer: Co-founder of Bulk, calling himself "orderbook oligarch". His public information shows long-term participation in the construction of the order book-related system, but in the open channels, the detailed career history is limited, with the Bulk project at the core. He has about 9,300 followers on platform X, mostly in terms of trade infrastructure and Solana ecology。

What is the core structure

The Solana block chain operates on numerous "certifiers", and Bulk does not set up a new stove, but is based on the Bulk-Agave branch of the mainstream Solana certifier client, Jito-agave, and has an exclusive plugin for the certifier, Bulk Tile. The plugin, which operates in parallel with the original work on the certification, is dedicated to key logic such as matching orders, clearing engines and so forth, which significantly improves processing efficiency。

With regard to the order dissemination logic of the BULK trading platform, simply put, the transaction could commence after the user had deposited funds on the Solana chain. The purchase order is imported through the BULK Net diffusion layer, and the order is to be removed into eight small fractions, and any certifier can be restored to the original order if it has obtained any six. Then the BULK then uses the UDP protocol to give the core node "receipt and pass only small fractions" to solve the problem of HF trades, while dramatically increasing the speed of transmission。

And then there's the matching of orders. BULK's order match is not always made, but has a fixed rhythm - triggers "tick" every 20 ms. All orders are sequenced according to the fixed rules of the Public Key, Random Numbers, Setup Cycles, and all nodes follow the same rules, with no focus, no manipulation, no pre-emptive trading and as fair as possible. Only the blending period in which the order enters the system is the one that really determines the order priority。

In addition to this, Bulk has a self-employed prevention (STP) function, which is an effective mechanism for protecting professional traders who often buy and sell at the same time and can easily accidentally trigger their own transactions。

The final step in the entire transaction process is final confirmation and settlement. BULK first uses a rapid economy of 25-40 ms to satisfy the speed requirements of high frequency transactions, allowing traders to operate immediately; then synchronizes the results to Solana and completes the final chain settlement confirmation。

What are the characteristics of Bulk

The Bulk trading system is based on the central current value order book (CLOB) of each contract market for renewal. All contracts are settled on USDC bonds。

In terms of speed, according to Delphi Digital, Bulk prices are refreshed faster, more liquid and more cost-effective. Solana ' s eco-business platform 400 milliseconds is refreshed, Bulk is updated every 20 milliseconds, and blocks are fully untied; in addition, other platform-mounted persons may withdraw their invoices before they are delivered, creating false liquidity. Bulk requires that the bill be valid until the person on the list has taken the initiative to cancel it, and that the liquidity that is seen is actually available; and, with regard to settlement, Bulk adopts the price preference and time priority rules, and the order is in order of arrival。

Bulk states that the absence of Gas placing orders on its platform and the use of API and CCXT simplify the user experience and remove the complexity of block chains for traders. In addition, Bulk further reduced transaction costs by bulking orders。

With regard to security, Bulk states that " there is no risk of platform running, misappropriation of funds, security gaps and centralization risks that are prevalent in cross-chain and second-tier solutions, without handing over assets to the Platform for hosting, without a chain or sorter. I don't know

In addition to this, the transaction logic of running BULK, while not renouncing the MEV proceeds from the Jito block space auction, could benefit from Bulk's order book flow, creating a benign ecological incentive。

Summary

Bulk Trade represents another attempt to build a platform for high performance derivatives trading on Solana. By integrating the matching engine into the certifier node, the project seeks to achieve near-centre trading platform performance while maintaining decentrization。

Currently, Bulk Trade is in the internal phase, and the open testing network is about to be opened. As open testing networks approach, we will continue to observe whether this high-performance trading platform can change the competitive pattern of derivatives in the chain。

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