As more market makers come onchain, we will start to see parallels to similar microstructure improvements that have emerged in tradfi, such as FBAs (Frequent Batch Auctions). Essentially, Jump is proposing a dual-sided auction (splitting maker and taker orders) that executes every ~100ms. Right now, we can observe Batch Auctions happening both in traditional markets and also in certain DeFi protocols like CowSwap (but the complexity of computing these auctions have pushed a lot of the logic offchain, which reduces composability and introduces security risks). Their main arguments here are that 1) after a certain level of speed (in this case ~10-100ms) the end trader doesn't experience any significant price improvement and 2) tx. jitter on onchain CLOBs on L1s makes it hard to deterministically quote, and hence an auction market structure will create tighter spreads for end traders. We believe that there has been enough data showing that FBAs can be more efficient, but there is a sweet-spot for it: This paper claims that when the Taiwan Stock Exchange switched from FBAs (priced every 5 seconds) to continuous trading, liquidity actually improved (partly because 5 seconds is too 'slow' while 100ms 'feels continuous'). As you can see, every market is unique and different, and research like this by Jump pushes the space forward (both in crypto and in tradfi). The stance we take at GTE is that after we have a true continuous FIFO CLOB that can update at the same latency as CEXes (which we will have on mainnet before EOY), we then will have the luxury to explore other microstructures (and perhaps revist old ones) that have made tradfi markets more efficient, without having to sacrifice decentralization (or move any part of custodying / relevant computation offchain). Can we have a dual-sided batch auction that does all state management and matching onchain? On GTE, this is a likely trading venue / microstructure improvement that will emerge, without having to store any part of the logic offchain. Maybe some markets will require FBAs and others are better priced continuously. It wasn't until very recently did we have enough compute to have these different ways of trading exist onchain, and we can only imagine that we will have more research and innovation on what is sustainable for all parties over the long term. As markets mature in crypto (and as more markets come onchain), the systems will start to converge. What has worked efficiently for some markets offchain will work efficiently onchain for those same markets. But other markets will require different microstructures, and we want to be at the forefront of innovating there, while also replicating what has worked at a scale of trillions in the past. Our goal at GTE is to constantly put Retail Price Improvements (RPI) at the top of mind by building sustainable markets in which everyone gets their desired outcome.