Core Insights - Bullish has launched spot trading in the United States, aiming to provide precision, efficiency, and compliance for institutional and advanced traders [1][2] - The platform has achieved over $1.5 trillion in cumulative trading volume since late 2021 and ranks among the top ten exchanges for Bitcoin and Ether trading [2] - The launch is supported by regulatory approvals from the New York State Department of Financial Services, allowing trading in 20 states [1][4] Company Features - Bullish offers 0% maker fees and ultra-low taker fees for institutional accounts, along with 0% trading fees for individual accounts [6] - The platform combines a central limit order book with Automated Market Maker technology to ensure deep liquidity and efficient trade execution [4][6] - High-throughput APIs are available for programmatic trading strategies, enhancing the trading experience for users [6] Market Position - The U.S. launch is seen as a significant milestone for Bullish, positioning it as a trusted venue for high-performance trading tailored to institutional needs [2][3] - The platform is designed to meet the unique demands of hedge funds, proprietary trading firms, market makers, and high-frequency traders [2][3] - Bullish's focus on liquidity, compliance, and execution quality aligns with the needs of institutional investors, as highlighted by partners like Nonco and BitGo [3][4] Availability - Bullish is currently operational in states including Arizona, California, Florida, New York, and Washington, D.C., with plans for further expansion [5][6] - Interested parties in other states can join a waitlist for future access [5]

Technology & Infrastructure - The rise of CLOB-specific L2s indicates a trend towards <100ms block times, verifiable execution, and privacy by default in crypto infrastructure [1] - The @zksync stack is equipped with Airbender for sub-second proofs, Prividium for private matching, and Elastic Network for custom chains and shared liquidity [1] - Several CLOB-specific L2s, including @bulletxyz_, @hibachi_xyz, and @Lighter_xyz, utilize ZK technology [1] - A new class of applications is emerging, characterized by <100ms blocktimes and nearly unlimited throughput with ZK [1] - ZK technology enables nearly unlimited throughput, mitigating congestion [1]