Odaily Planet Daily News: Qiao Wang, founder and core contributor of Alliance DAO, said that for a market maker, the most important piece of information is to be clear about who they are trading with. If the counterparty is degenping, the market maker will withdraw liquidity. If the counterparty is James Wynn, they will actively provide liquidity. That's why transparent order books may be more attractive to market makers than dark pools.
At the same time, it indicates that under other equal conditions, whales with actual alpha information are more inclined to trade on exchanges/dark pools. But it has no impact on Hyperliquid, as most contract whales do not have alpha information. They became whales through reckless adventurous behavior, which is just a product of survivorship bias.
Previously, CZ posted that now may be a good time to launch a perpetual contract DEX with a dark pool style on the chain. He pointed out that the problem of real-time visibility of all orders in existing DEX is particularly severe on perpetual contract platforms, especially when it comes to clearing point exposure, which is vulnerable to market manipulation and MEV attacks.
