This is a really nicely polished arcade game - I liked the explosion effects and sounds a lot, it made the gameplay feel pretty smooth.
I wasn't entirely sure where the risk aspect was in this game, until I read the "How does the game fit the theme" section above. I didn't really get the sense that I "near missed" a projectile - but maybe a slight slow-mo effect or visual indicator would be beneficial so that players aim to keep chaining those near misses.
Well done on this project , first Pico 8 game I've seen!