.@AftermathFi perpetuals is FINALLY going live with pre-deposits opening later this week (more on this soon). Here's why we built on Sui, and why it's the only VM that can actually run a fully onchain orderbook. When I say onchain, I mean fully verifiable ordering and matching governed by the Sui validator set. No offchain sequencer or a gated API. Everyone talks about "fully onchain orderbooks," but most chains can't run one without blowing up gas, latency, or both. Sui is the first L1 that makes it practical. Not as a demo, but in production. Although we built our own more efficient CLOB data structure, DeepBook (spot) has been running for over a year with solid results: dune.com/airtx/deepbook-stat… The key is Sui's object model. Every market is a separate object. Every order is an object. Markets don't contend with each other. BTC-perp trades don't block SUI-perp trades. While fills within a single market still need ordering, there's no global lock serializing all state updates. EVM can't do this. Its account model means validators can't determine upfront which transactions are independent, forcing serial execution of everything. Since each market object evolves independently: -Deterministic sequencing per-market -No cross-market contention -No global queue slowdown -State transitions only touch relevant objects Mysticeti v2 eliminates the "single proposer decides ordering" problem most chains suffer from. Every validator proposes every round. Consensus commits leaders deterministically. All validators determine order locally = all validators see the same result = deterministic ordering for matching and settlement. xitter.cf/ConcurrentXYZ/status/1… PTBs + storage rebates = unreal savings. A bot canceled 4 orders and reposted them. One repost matched against 8 orders from other users. The storage rebate made the transaction net negative. That's not possible on any other chain. xitter.cf/b1ackd0g/status/187020… On Sui: -Storage is rented, not burned -Canceling or matching returns storage -Users can get paid when state is cleaned up -PTBs make multi-action batching extremely cheap This makes trading actually viable onchain. What I hope people take away from the pain and suffering we've experienced while building this thing since 2022 is: -because every market is an object, anyone can build their own API. -No centralized gateway. -No private matching engine. -All matching lives onchain. Liquidations, funding, market orders, perp positions, AFLP. All shared and tokenized. This isn't possible on systems where CLOB logic lives offchain. -Programmable cancel priority. We expose an explicit fee knob: makers can pay a known premium (set in-contract) for cancel priority. It’s transparent and priced with no opaque operator favors. Finally, what we all care about: Launch. AFLP is Sui's first community owned perpetual market maker. By depositing into the vault, you provide liquidity and act as a liquidator across our perp markets. Pre deposits will open end of week, with details on how to deposit coming tomorrow.