$MYX, worth $960,000, can only be sold for $14,000 on-chain. What does this mean? Why is it necessary to use the order book before liquidity is abundant? In fact, #solana gave us the answer long ago. Try buying and selling some mainstream coins on Jupiter now. This isn't about on-chain liquidity at all, but rather centralized quotes from market makers. Market makers' liquidity comes either from their own positions or from the CEX's order book. This MM method had a professional term a few months ago, called... Mullet proposed it, and I immediately saw that there must be a profit opportunity for retail investors here, so I wrote about it in my previous track observations. This MM method is now called proprietary market makers, and some people also call these MMs proprietary MMs. These mullets also make quotes on-chain, but they are not AMMs (automated market making). The traditional DEX model has collapsed due to the withdrawal of on-chain liquidity. Play with the order book! Play with the order book! Play with the order book! $MYX {future}(MYXUSDT) $MYX