POPA ReconOn-chain RFQ vs CLOB debate
On-chain RFQ vs CLOB debate Distinguishing multi-maker RFQ aggregators (competitive quotes from external makers like UniswapX or 1inch Fusion) from single-counterparty pools that internalize trades against one pool with offchain hedging The thread contrasts economics: multi-maker compresses spreads via competition while single-counterparty captures spreads through monopoly-like internalization, akin to TradFi's Citadel routing retail flow, with diagrams showing risk allocation, user experience, and DeFi-native alignment for each model It highlights that hedging often routes to primary CL…
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