Pacifica Research @pacifica_fi is a Solana-based perpetual (Perp) DEX that launched its mainnet in June 2025, aiming for low response latency (approximately 20ms based on public data) by combining off-chain Central Limit Order Book (CLOB) matching with on-chain settlement structures. The service offers basic order types such as market, limit, and stop, as well as time-in-force options like GTC, IOC, and post-only, utilizing external oracles such as @PythNetwork and Switchboard for price determination. Margin support includes both cross and isolated modes, with liquidation processed in a partial to full manner when maintenance margin is breached. Funding is calculated on an hourly basis with upper and lower limits. Supported markets include major assets like BTC, ETH, SOL, and some altcoins and meme coins. In terms of trading metrics, according to public aggregates, the cumulative trading volume since launch has been reported to exceed $10 billion, with daily trading volumes observed in the range of approximately $440 million to $1.75 billion during the September to October 2025 period. During the same period, Solana's perp trading volume market share was estimated to be around 51% to 54%, while the open interest (OI) share was about 14.68%, indicating a relatively low proportion of capital staying compared to trading. The total value locked (TVL) and collateral funds were reported to be around $35.7 million, with the cumulative number of active wallets at approximately 15,000 and weekly active users around 8,900. However, these figures may have been influenced by beta operations, deposit limits, fee promotions, and point reward programs. The incentive design is centered around weekly point distribution (500,000 points per week), with trading volume, order contribution (e.g., limit order provision), and referral activities weighted accordingly. According to their own announcement, there are rules for point deductions or retroactive reductions for self-trading, attempts at wash trading, and risk-free volume expansion. Estimates of external OTC prices for points or expectations regarding future token issuance are based on community estimates, and the official token issuance schedule and specific allocations remain uncertain until confirmed announcements. Technical differentiators include short matching delays, real-time data feeds, hourly funding, volatility-based position sizing, and plans to introduce AI-assisted features such as stop-loss aids. These features may benefit high-frequency, arbitrage, and systematic strategy users; however, the actual execution quality (slippage, fill rates) and system stability may vary depending on market congestion, oracle fluctuations, and network conditions. Regarding security and audits, the nature of the beta phase may limit the scope of verification under code and infrastructure stress situations, and the status of insurance fund management and risk management indicators may vary by platform. In the competitive landscape, Pacifica is compared to other perp DEXs on Solana (e.g., Jupiter Perps, Drift) in terms of trading volume, market count, and liquidity. Reported figures indicate that while Pacifica has a high short-term trading market share, its OI and TVL are relatively small, suggesting a significant proportion of short-term rotation trading. This trend has been observed to strengthen during periods of point-based incentive activation and fee reduction, and the retention rates and capital staying trends after incentive adjustments require further observation. From a regulatory perspective, the nature of derivatives means that changes in policies by regulatory authorities can impact service design or accessibility. Regarding team composition and funding structure, there is a description that centers on "self-funding," but final information on external investments, equity structure, and token economics is typically confirmed through official documents at the time of token issuance and disclosure. In summary, Pacifica features a matching structure aimed at low response latency and AI-assisted trading tools, recording a significant share of Solana's perp trading volume during specific periods. At the same time, factors such as low OI share, the influence of beta phase incentives, liquidity dispersion, and the level of audit and risk management disclosures appear to be elements to consider in future performance interpretations. Key observation items for future evaluations include the ongoing disclosure of execution quality metrics, the correlation of OI and TVL with trading volume, active and revisit rates after incentive reductions, transparency of audit and insurance systems, and potential adjustments to service scope due to changes in the regulatory environment.