No Settlement Venue is Best

Redefining Market Efficiency: No Perfect Settlement, Only Better Solutions

Central Limit Order Books (CLOBs) aren’t the answer to efficient markets — they merely amplify stablecoin usage while sidelining other assets. Their structure prioritizes a narrow asset range, leaving the vast potential of DeFi in the dust.

On the other hand, liquidity pools aren’t perfect either. They require excessive inventory for trade execution, far more than other settlement systems, leading to inefficiencies and straining liquidity providers. While they can accommodate a wider range of collateral options, they fundamentally fall short in offering diverse market options.

Lastly, Intents only can handle markets which already exists for Solvers (Market Makers) to hedge, fundamentally restricting them to list anything not supported by CeFi, at current stage.

DeFi needs more than outdated paradigms — it requires innovative market structures that balance efficiency, inclusivity, and scalability to unlock its true potential. The current systems aren’t just imperfect — they’re limiting progress.

Perhaps we could focus on refining these designs and exploring ways to integrate them seamlessly for a more unified outcome.