I've recently been researching Nado, primarily an on-chain order book (CLOB) DEX running on Ink (Kraken's own L2 platform). The team's background is from Kraken and Vertex. It's important to understand that large trades experience very high losses. The real source of these losses isn't transaction fees, but slippage. If you're placing an order for $20,000 or $30,000 worth of BTC, the order book might offer a decent slippage price, allowing you to capture one or two price levels. However, if the order size reaches hundreds of thousands or millions, the order book starts wearing down, resulting in extremely high slippage. The initial liquidity on the blockchain quickly disappears, and the price deteriorates further. Ultimately, the average price is several basis points higher than the optimal price. While it appears the trade was executed, the actual cost has quietly increased, making it inconsistent with your intended entry point. Currently, there are basically two paths on-chain: one is the regular order book, where orders are publicly placed and processed, suitable for medium-sized orders but difficult for large orders; the other is price inquiry, where you send an RFQ (Request for Quotation), receive a quote, and then decide whether to execute the trade. Variational is closer to the latter, with its own OLP (Order Level Provider) providing quotes—essentially still a single-source system. However, my recent research on PRIME, promoted by @nadoHQ, aims to take a third path. This is easy to understand: instead of requiring you to directly inquire with a specific market maker, it allows multiple institutional market makers to continuously provide quotes simultaneously. The system aggregates all the market depth quotes in real time into an executable price, allowing you to execute the trade immediately upon seeing it, eliminating the need for a price inquiry step. This approach has been used in the forex market for decades. Multiple banks simultaneously push prices to an aggregator, which synthesizes an optimal price, which clients directly use for trading without having to ask each bank individually or choose one. Nado's PRIME simply transfers this same structure on-chain. Market makers continuously push quotes into the pool, and the system aggregates the liquidity into a real-time price, adjusting it based on volatility and inventory. The underlying liquidity automatically selects the most suitable amount; if one provider can't handle it all, it's split among multiple providers, ultimately providing you with the best aggregated price. It sounds complicated, but you don't need to do anything; the user experience is almost seamless. The system automatically determines whether it's more cost-effective to use the regular order book or PRIME for a particular order. You don't need to manually switch. Small orders are usually better handled through the order book, while larger orders use market maker liquidity. Positions are interconnected; within the same account, positions opened in PRIME can be closed directly in the order book, and vice versa. Orders executed through PRIME have 0% commission. It also solves an old problem: the cold start of a new market. When a new perpetual order is launched in the regular order book, the biggest challenge is the initial liquidity. No one wants to place orders, and without sufficient liquidity, no one wants to trade. PRIME allows you to first accept market maker quotes, verify them only if there's genuine demand, and then add the market to the regular order book. This way, the liquidity on the order book is driven by real market activity, not artificially inflated by subsidies. Nado is currently planned for Q4 launch, initially focusing on crypto assets and highly liquid perpetual contracts, opening up to a select group of top traders first. Stocks, commodities, and options are the main focus going forward. Ultimately, PRIME isn't meant to replace the order book, but rather to provide an additional pathway for large orders. Smaller orders continue to use the order book, while larger orders can access institutional depth, with the system helping you choose the most cost-effective method, keeping the positions within the same account. For those who truly trade large amounts, the differences in slippage and fees will be quite significant.