I had dinner with a quantitative friend a while ago. They had planned to build a relatively large position on the chain in a sustainable manner, initially by scanning orders in batches and gradually increasing liquidity. At the beginning of the action, the rim began to become very strange. As soon as you buy, the price immediately increases; As soon as you stop, the price drops again. Later, upon reviewing, it was discovered that their trading signals had long been seen through by the market. All orders on the chain are public, and as soon as you place an order, the robot will already be on target. Tracking, sniping, and MEV follow the order flow all the way. Although the final position was made, the cost was much higher than expected. He said a sentence that left a deep impression on me: The most expensive aspect of large transactions is not slippage, but signal exposure In fact, many on chain perpetual platforms such as GMX, dYdX, and Hyperliquid are currently addressing liquidity issues. But when the trading scale really increases, everyone will encounter the same problem - when a large order is made, the entire market sees it. So when I saw @ StandX_Official StandX promoting BlockTrades for SIP-1, I actually paid close attention. Its idea is simple, a bit like moving the OTC/dark pool model from traditional finance onto the chain. The trading intention will be broadcasted first, but it will not be directly listed in the public market. The counterparty can match it and support partial or full transactions. Hide large orders as much as possible to reduce market impact. If this mechanism can run smoothly, on chain perpetual may begin to have the ability to undertake large capital transactions for the first time. Many institutions are not unwilling to go live on the blockchain, they are just afraid that every transaction will feel like it is being live streamed.