Think we've crossed an inflection point in the orderbook vs AMM fight that is very strongly resolving in favor of AMMs Chains like Solana, Sui, and Aptos that are theoretically well set up for onchain CLOBs are utterly dominated by AMMs in volume Successful orderbook launches of the past year is basically just Hyperliquid AFAIK Hyperliquid overcame the liquidity cold start with an off-chain OB/matching engine, and then moved onchain without massive migration (unlike dYdX) to retain that liquidity moat High level, traders and LPs enjoy the liquidity guarantees (and thus volume guarantees) that AMMs offer Launchpads are in favor of the simplicity AMMs give them in seeding liquidity and getting the ball rolling with minimal capital spend If this is a sign of what's to come, I would hope to see a lot more non-meme projects go to market with an onchain-first approach and preserve inventory Pump Fun's success as of now has disillusioned in a lot of people. The perception of onchain markets starts to resemble a row of slot machines But as demand to trade onchain ramps up, I think projects will start to understand the improved cost-benefit ratio of the onchain token GTM over CEXs Orderbooks aren't going anywhere, and I hope we see more onchain CLOBs show up because they are objectively better sources of price discovery than AMMs