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Solana perps exchange shutdown sparks debate over foundation support

The dispute unfolds as Solana perps cleared $1.3 billion in 24-hour volume and $445.1 million in open interest, while Flash.Trade posted $4.8 million volume before shutting down.

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Solana perps exchange Flash.Trade shut down its venue on Aug. 7, and the decision has triggered a public argument in the Solana community about whether the Solana Foundation is unfairly concentrating support in a way that affects which products win, The Defiant reported.

In a follow-up discussion, Flash.Trade founder Anas Khader said one of his reasons for the shutdown was Foundation backing for a rival, which he described as personally painful and as a type of “kingmaking.” He later clarified that he was referring to Phoenix, saying it had to “literally pay money” to match Flash.Trade’s volumes and that the funding came from Foundation grants, without offering evidence for the claim.

The Defiant reported that Solana’s perps market cleared $1.34 billion in 24-hour volume and had $445.11 million in open interest, versus Hyperliquid’s $4.45 billion in 24-hour volume and $11.21 billion open interest. On Solana, Phoenix ranked fourth by 24-hour volume at $40.23 million, behind GMTrade, Pacifica, and Jupiter, while Flash.Trade recorded $4.79 million.

The Solana Foundation’s president later rejected the idea of “kingmaking,” with the underlying dispute focused on how an organization with a treasury and broad audience should behave when multiple teams compete. The Defiant added that the Foundation has not disclosed recipients or amounts for its perps program.

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