Order Books, Institutional DeFi, and Market-Making: A Practical Playbook for Pro Traders
So I was thinking about order books on-chain and how they actually change the game for institutional flow. Wow! The first impression is obvious: more granular control than AMMs, and that control can feel like a relief after wrestling with impermanent loss and slippage. But my instinct said there’d be trade-offs — latency, on-chain cost,