I'm retweeting because some of you are confusing market making and buying order flow. While related, the distinction is that firms buy flow to cross markets internally at a profit. See . I'm not saying there's not role for market makers in blockchain-based LOBs. There are, though you have to solve for how they manage encumbering bids/offers without tying up capital (not trivial, but solved through integrating DeFi). I'm also talking about blockchain-based LOBs, not AMMs. Yes - EVM is a problem - for AMMs. If the LOB works the right way there is no advantage to change block ordering as the order matching is happying asynchronous to (and before) the writing of the block.