jakiro
Author: 0xnatalie Source: Chainfeeds
Recently, Flashbots strategic director Hasu pointed out:On the Solana chain, most of the transaction volume is actually completed by automatic market (AMM), rather than through the central price limit order book (CLOB, or the order book mode)EssenceThis conclusion is surprising, because many people think that one of the important reasons for Solana to win the market can support CLOB.As Feng Liu said, “One of the core selling points of Solana was that it can finally engage in the order book DEX, and” the order book transaction is the future of DEX. “
It is worth noting that the debate between AMM and CLOB has not started in recent days, and this contest has long lasted for a long time.Since DEFI Summer, AMM has quickly become the core of decentralized transactions with its algorithm -driven asset pricing method, and Clob is considered a more mature market mechanism for its dominant position in traditional financial and centralized exchanges.This competition has promoted their continuous innovation on various blockchain platforms.Especially on Solana with fast and low cost, Phoenix successfully made CLOB the focus.
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The reason for the AMM leading market is long -tail assets?
Hasu’s discovery quickly triggered a wide range of discussions in the community.In this regard, Kyle Samani, a partner of Multicoin Capital, explained that in the market of long -tail assets, the lack of real market merchants (MM) to provide liquidity, and the appearance of AMM has made up for this shortcoming, which has formed the current AMM -dominated dominanceThe situation.Solana’s success not only depends on CLOB, but because it can provide consistent fast and low -cost trading experience, and can provide support for various types of assets.In addition, the No Bridging mechanism of Solana is also an important factor in its success, because users generally have a negative attitude towards cross -chain bridges.
Udi Wertheimer, the founder of Taproot Wizards, also believes that AMM has a unique advantage in supporting long -tail assets.Can help small communities start the liquidity quickly for long -tail assetsEssenceThere are a large amount of Memecoin on Solana. For these assets, AMM is a very suitable choice.
KRANE further divides the market into three types: Memecoin, main assets (such as SOL/USDC) and stablecoins.He pointed out that AMM performed well in the Memecoin market because these assets need good passive liquidity, and CLOB performed poorly in this regard.For major assets, although CLOB occupies a certain position in some cases, AMM is still competitive.In the stabilized currency market, CLOB’s applications have not been widely popularized.
However, the founder of Ambient Doug Colkitt put forward different views and refuted it through data.He pointed out,Many people mistakenly believe that the AMM transaction volume on Solana mainly comes from some unconventional long -tail assetsEssenceHowever, the data he provided shows that even in the main transactions (such as SOL/USDC), AMM’s transaction volume far exceeds CLOB.For example, ORCA’s transaction volume within 24 hours is as high as US $ 250 million, while Phoenix’s transaction volume is only $ 14 million.Even if you use the most beneficial assumptions (the average daily transaction volume of 7 days using Phoenix instead of the lower transaction volume of the day, and the amount of transaction volume of CLOB as much as possible), the transaction volume of AMM on the main transactions on the main transaction pairs of the main transaction pairs of the pairs of the main transactions is on the above transaction volume.It is also 50%higher than CLOB. If these assumptions are not used, the gap will even be expanded to 10 times.
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Community opinion: The development of CLOB is limited by the performance of the blockchain
The reason why AMM dominates on Solana is not only long -tail assets, but the deeper reasons are the restrictions of blockchain performance.Many community members believe that the development of CLOB is limited to the performance bottleneck of the blockchain.SAM feels that the inherent challenges (high latency, GAS high fees, poor privacy protection, etc.) facing blockchain make CLOB is not suitable for effective operation in the current blockchain environment.In contrast, AMM can adapt to the characteristics of the blockchain, especially in terms of price discovery and liquidity.
Enzo also holds a similar point of view. He believes that CLOB faces high delay, expensive GAS costs and low throughput on Layer 1, but in Layer 2 solutions, these limitations can be overcome, so that CLOB in these these in theseThe environment is more competitive.On the current Layer 1 chain, AMM is still a more practical choice.
In fact, similar views were also mentioned in the article “Death, TAXES, and EVM Paralileization” released by Reforge Research in April also mentioned similar views.The article states that when CLOB is implemented on blockchain platforms such as Ethereum, due to the limitation of platform processing capabilities and speed, high latency and high transaction costs often lead to high latency and high transaction costs.However, with the launch of parallel EVM, the processing capacity and efficiency of the network have been greatly improved, the feasibility of CLOB will increase, and it is expected that the DEFI event will increase significantly.
