I used to think it was right, but now I'm starting to doubt it: Privacy issues of perpDEX (from the C-end, it seems difficult to attract large funds, but from the B-end, it can attract large market makers to serve retail investors) Previously, it was believed that fully disclosing orders would be difficult to attract large funds and easy to be targeted Observing now may be more beneficial for market makers to make predictions and attract stable liquidity Retail investors are not very sensitive to privacy and can attract a large number of retail investors