A decentralized exchange (DEX) on the Solana blockchain, Phoenix features a fully on-chain limit order book. Unlike typical AMM-based platforms, it provides a professional trading experience with a real order book while remaining completely decentralized.
Phoenix is non-custodial and does not require any “crank” — external actors who manually trigger order processing, as seen in some other Solana-based protocols.
Users can place limit and market orders, monitor market depth, and trade with minimal latency and low fees.