Alliance DAO founder: Transparent order books are more attractive to market makers than dark pools

Odaily Planet News: Alliance DAO founder and core contributor Qiao Wang stated that the most important information for a market maker is to be clear about who they are trading with. If the counterparty is degenping, market makers will withdraw liquidity. If the counterparty is James Wynn, they will actively provide liquidity. This is why transparent order books might be more attractive to market makers. He also mentioned that, under other equal conditions, whales with actual alpha information would be more inclined to trade on exchanges/dark pools. However, this has no impact on Hyperliquid, as most contract whales do not have alpha information. They become whales through reckless adventurous behavior, merely a product of survivor bias. Previously, CZ wrote that now might be a good time to launch a on-chain dark pool-style perpetual contract DEX. He pointed out that in existing DEXs, the issue of all orders being real-time visible is particularly severe in perpetual contract platforms, especially when liquidation points are exposed, making them vulnerable to market manipulation and MEV attacks.