There is a project called FOGO, which essentially takes the Wall Street approach onto the blockchain—high-frequency matching, co-located data centers, low-latency networks—aiming to become the "underlying infrastructure of on-chain exchanges."

The tech stack is SVM plus Firedancer, backed by Jump and Citadel, with engineering capabilities that are truly top-notch; performance is indeed premium.

Here's the problem. This thing is inherently very "institutional." It emphasizes microsecond latency, market maker efficiency, and on-chain matching depth—things that are meaningless to retail investors? These are all intangible. No emotional value, only cold, hard trading data. Unless the ecosystem generates real high-frequency traffic, no matter how fast it is, it’s just a digital game in a lab.

The token distribution is even more painful. Nearly 40% of the circulating supply was released directly at TGE, giving a very short-term speculative vibe. Everyone is watching the subsequent unlocks and sell pressure windows, making it hard to sit still. The pre-market price was hammered down once, essentially the market collectively giving a discount on the "high-performance narrative with increased circulation."

This project has only one life-or-death line: after the mainnet launches, can it attract genuine institutional market makers, deepen liquidity, and generate real fees and counterparty volume? If yes, it’s the next-generation on-chain trading infrastructure; if not, no matter how shiny the resume, it’s just stacking parameters.