Flash.Trade founder Anas Khader shut down his Solana perps exchange on Aug. 7, criticizing the Solana Foundation for backing Phoenix at his project’s expense. He revealed learning of a plan to support one team to the teeth ahead of the Breakpoint conference. Foundation president Lily Liu responded on Aug. 11 advocating open meritocracy and rejecting the term kingmaking. Solana’s perps market cleared $1.34 billion in 24-hour volume against $4.45 billion for Hyperliquid, with SOL trading at $75.74, up 1.4% on the day but still 74% below its January 2025 record of $293.31.
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