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Some of the earliest DeFi applications were orderbook-based DEXs (e.g. EtherDelta).
The constraints of public blockchains limit the extent to which orderbook functions can be fully decentralized.
The high degree of scalability offered by ZK-rollups may facilitate a revival of fully on-chain orderbook DEXs.
dYdX and ZigZag are well positioned to lead the way in the space.
Footnotes
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