Pacifica, a new perpetual trading protocol on Solana, has achieved a milestone of $1 billion in daily trading volume as of September 30, despite being in private beta. This surge follows a temporary halving of trading fees, which has significantly boosted activity. Since September 9, cumulative perpetual trading on Pacifica has exceeded $8.83 billion, with daily volumes increasing five-fold in under three weeks. Bitcoin perpetuals led the trading activity with $644 million in the last 24 hours, followed by Ethereum at $244 million. Pacifica's share of Solana's perpetual trading market reached 54% by September 27, overtaking competitors like Jupiter and Drift. Despite the impressive volume, open interest remains at $68.8 million, prompting questions about the sustainability of this growth and whether it is driven by organic interest or incentives. Retail participation is notable, with nearly half of the wallets depositing between $100 and $1,000, and the number of depositing addresses rising from 260 to over 1,800 in recent weeks.