Two reasons: 1. The vast majority of tradefi categories are actually quite counter intuitive: they have little liquidity and no competitors. This does not have much liquidity, referring to over 95% of stocks in the United States, South Korea, China, and Hong Kong That's why the vast majority of RWAs can't do it: there's no liquidity off chain, and there won't be liquidity on chain either If you want to do on chain liquidity, there are two logics: -Pricing and liquidity provided by order book and MM: It can be done, but the cost is very high, and the longer the tail, the more difficult it is to do Once you understand this, you will realize how impressive @ binance was when it introduced institutional MM liquidity model into altcoins and made altcoins a high turnover category -RFQ+LP Pool: Introduce third-party quotes using oracle machines, and then use LP to handle liquidity and counterparty positions for all trades. @Hertzflow_xyz, we have adopted this approach The quotation cost of this model is the lowest and most likely way to achieve the idea mentioned by @ leslielosser, which is also the reason why we chose it this way. Our team has experienced the "Battle of Ten Thousand Exchanges" on the front line and knows very well that differentiation of categories is the key to the survival of exchanges. The survival ability of on chain DEX does not lie in doing well in the mainstream, but in doing well in the long tail But the bottleneck of the industry now lies in the oracle. The main providers of oracle machines nowadays, such as Chainlink and Pyth, provide very outdated quotes and types Ultimately, it is the source of the quotation that limits imagination. So more than half of our technological innovation is focused on this part