An On-Chain Order Book is a record of buy and sell orders for a digital asset that is stored and managed directly on a blockchain. Unlike off-chain order books, every order placement, modification, and cancellation is a verifiable transaction on the distributed ledger. This design promotes transparency and censorship resistance.
Context
On-chain order books are central to decentralized exchanges, offering a trustless trading environment by removing the need for intermediaries. Discussions often focus on the trade-offs between the transparency of on-chain operations and the higher transaction costs and latency compared to centralized alternatives.
The protocol's new HyperCore infrastructure primitive modularizes the perpetuals stack, transforming Hyperliquid into a derivatives-as-a-service layer.
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