Enterprise
DeFi
Centralized Exchanges

Next Generation CLOBs - Rethinking Endgame DEX Design

May 23, 2025 ⋅  17 min read

Onchain CLOBs represent the optimal DEX architecture for capital efficiency, price discovery, and scalability, consistently outperforming AMMs, Peer-to-Pool models, and RFQ systems in more mature trading environments. Historically, their adoption onchain has been limited by latency and cost constraints, but those hurdles are now being steadily overcome through advances in blockchain infrastructure. The current CLOB landscape is expanding rapidly, with new teams exploring different tradeoff profiles in the race to build the next standout alternative CLOB. With a massive addressable market that includes both onchain spot volumes and, eventually, centralized exchange liquidity, the opportunity for onchain CLOBs has never been more compelling.
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Sunny was previously a TradFi Research Analyst at a long-only hedge fund. He is now an Enterprise Research Analyst at Messari focusing on consumer, DeFi, and all things cool.

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About the author

Sunny was previously a TradFi Research Analyst at a long-only hedge fund. He is now an Enterprise Research Analyst at Messari focusing on consumer, DeFi, and all things cool.

Mentioned in this report