The most pressing issue for traditional blockchain is how to timely update positions and liquidity without relying on off-chain risk control systems. @ellipsis_labs has spent three years overcoming these bottlenecks and launched @PhoenixTrade, which runs the entire lifecycle of derivatives completely on-chain, with transparent matching, publicly available trading rules, automatic settlement, and margin calculations and clearing procedures fully executed according to on-chain code, achieving rapid quotes at low costs.