This is not a technical explainer, it’s an EV-weighted, liquid allocation framework for positioning ahead of two potential Solana perp DEX winners. Bullet is the more proven, lower-variance, closer-to-production bet. Bulk is the more convex, higher-uncertainty shot at Solana-native execution (validator-path, L1-composability, no external sequencer). The payoff matrix reflects how the market might price in execution + UI/composability outcomes. Both can win. The question is simply: what odds do you assign, and at what entry price?
