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Conclusion

Order books on Clober, with its design choice to remove the burden of claiming from the taker and rigorous gas optimizations by building novel data structures from scratch, achieved what was once deemed impossible, a Fully On-chain Order Book on EVM that can scale. On-chain order books are arguably the holy grail of DeFi, a fair, trustless, and permissionless way to facilitate trades without sacrificing the composability smart contracts offer.

As DeFi continues to grow and attract trading volume away from CeFi, order book DEXs will play an increasingly critical role in the pricing of assets. Order books will also enable financial instruments with expiration dates, such as bonds, options, and prediction markets, to find a natural home in DeFi, with liquidity supplied in a manner that AMMs cannot match. Ultimately, the shift towards order book DEXs will help to improve the overall efficiency and stability of the DeFi ecosystem.