The New Paradigm and Opportunities of PerpDEX — Translation of Jump's Proposed DFBA (Dual Flow Batch Auction) As the DEX and exchanges in the crypto space have developed to this point, the trading types are primarily presented in the form of AMM (Uniswap) and CLOB (Hyperliquid, centralized exchanges like Binance, OKX). We discussed these two concepts in our previous video: From the video, we can see that AMM often leads to losses for traders and liquidity providers due to slippage, impermanent loss, and sandwich attacks like MEV. Although CowSwap uses discrete auctions to solve the MEV problem, the trade-off is that it is too slow, causing high-frequency traders to avoid this solution. The CLOB method of traditional centralized exchanges, when placed on large public chains like Dydx and Serum, also frequently experiences MEV attacks due to the prevalence of arbitrageurs. This has further evolved into PerpDEX based on high-speed chains like Hyperliquid and Lighter, which sacrifices decentralization for MEV safety but still struggles to escape toxic order flow attacks. Therefore, Jump Crypto, leveraging its years of market-making experience, proposed a brand new trading paradigm on August 22 — Dual Flow Batch Auction, abbreviated as DFBA. They claim this method achieves: 1. MEV protection 2. Resistance to toxic order flow 3. A fair trading competition environment I really want to translate this for everyone in video form, but I found that writing it as an article is more suitable; otherwise, all the numbers might confuse everyone 🙏 ———— The following only compares CLOB and DFBA ———— ✅ Preliminary Knowledge Discussed Maker: The one placing the order Taker: The one taking the order Market Maker: Usually only places Maker orders to provide liquidity to the market and earns the spread ...