Phoenix is a decentralized limit order book on Solana that supports spot asset markets. Phoenix offers an immediate settlement. Phoenix, unlike other order books on Solana, does not require an asynchronous crank to settle trades.

Phoenix does not have its own token, nor have they hinted at introducing one, although one may be launched in the future. Users who trade on the marketplace may be eligible for an airdrop if they decide to launch one.
https://www.phoenix.trade

Phoenix has not officially introduced a token launch or rewards points campaign, and the team has clearly stated that there is currently no active points system. At this time, the only verified incentive is the referral program, which provides users with fee rebates paid in USDC.
Although no token distribution has been confirmed, many perpetual decentralised exchanges with strong funding backgrounds have previously rewarded early users through retroactive airdrops. Because of this trend, some traders believe that generating trading volume on Phoenix could be beneficial if the platform later decides to introduce a token incentive program. However, any potential airdrop remains purely speculative for now.
The referral system is currently the sole confirmed rewards feature available on the platform. Users who achieve at least $10,000 in total trading volume become eligible to create a personalised referral code with a custom username.
https://www.phoenix.trade