DeFi

AMMs:
- better UI/UX
- largest trading volume
- available everywhere
- actually decentralized
- nicely composable
- crypto native
- not wintermute

why do you think CLOBs are still better?

haardik.dev | Founder @learnweb3 | lead instructor /uniswaphooks | building @openfarcaster

Co-Founder & CEO at @maxapy & @turingcapital | Founded MAD Lions KOI, as well as source{d} & Tyba | /crypto since 2012 | ✝️

On a CLOB I don't need to lock up my capital to make the market, which allows me to make the market in a much more capital efficient way. Also, AMMs are decent for spot products, but for derivatives they work worse

Agreed for derivatives 

If you place an order you do need to lock your liquidity. The equivalent is simply placing that liquidity highly concentrated in an AMM - no?

I can use the same liquidity to place multiple limit orders. The first one to get filled would close the rest. It's not real liquidity (otherwise it would mean leverage) but theoretical leverage. In any case, it's more efficient than AMMs. What really kills AMMs though is fees. There's no way we @turingcapital could operate with Uniswap's fees for example

Not really. Funds like us have fees ranging 2bps to -2bps (rebates) on maker orders and 3.5bps to 2bps on taker orders, depending on volume. 10bps would kill the performance of many of the strategies we run. Basically all the trading strategies, we'd have to rely solely on asset allocation strategies (low volume) and buy and hold (very low volume)

Good point

Re: fees - isn’t 10bps standard on most CLOBs? Uni has several 10bps pools