Monad's MEV LST @apr_labs released the aggregator Swapr over the weekend after launching the dex Capricorn to address order flow issues. Coincidentally, Solana side @anza_xyz, in collaboration with Jito and others, published an article this week titled The Internet Capital Markets Roadmap, focusing on how to effectively implement CLOB on Solana, and released customized trading flow tools BAM and Anza's new product, creating an interesting resonance. It is clear that whether it is Monad, Solana, or other public chains, after several years of AMM explosion, how to establish an on-chain Nasdaq and effectively create a CLOB has become the most critical issue. This competition is not just a comparison of product features, but a comprehensive race from the underlying consensus of the chain, MEV infrastructure, to the overall competition of DEX. How can public chains become true liquidity centers? Perhaps it is not about volume or TVL, but for traders and market makers, it is about the most effective order execution. For market makers who can finally move on-chain, one unavoidable topic is the issue of adverse selection/toxic order flow: how to avoid being targeted by insiders and bots, allowing market makers to remain profitable while protecting the interests of all market participants? Hyperliquid, according to Thejaswini MA's article, mainly reduces the priority of fast "eating orders". Under specific conditions, the priority of canceling orders and special orders like limit orders can be higher than that of regular orders, partially solving this problem. Let's look at the different approaches represented by Apriori and Jito. 1. Monad side: Swapr + Capricorn + Apriori Swapr, as a DEX aggregator, proposes to classify order flow using AI, employing machine learning methods like Fast path: XGBoost + LightGBM to evaluate orders. It will score based on trading characteristics and historical data; if it is a clean order, it can be sent to Capricorn, while toxic orders will incur higher fees and be sent elsewhere, such as to AMM. As a DEX, Capricorn, with Swapr, clearly has a more favorable order flow for market makers, potentially achieving an ideal insider-free trading environment, maintaining lower spreads while ensuring profitability for market makers and protecting the interests of most market participants on Capricorn. At the underlying level, Apriori's MEV plays a key role. Swapr will collect rich trading information based on Apriori RPC, and of course, we must not forget Monad, which, in addition to high performance, has the richest data treasure in the EVM network effects and historical data. Solana side: Jito + Anza + Doublezero, etc. Jito developed the Block Assembly Marketplace (BAM), a plug-and-play CLOB plugin tool, allowing each application to set its own trading sorting rules for the first time. Drift, Pyth, and Dflow have already begun to apply it, aiming to outperform other CLOBs in the market; Anza is responsible for reducing transaction sending delays, ensuring smooth transaction delivery, while projects like Doublezero further reduce latency from the hardware level through fiber optics. Solana's new consensus Alpenglow enhances finality confirmation to the millisecond level. Different ideas, different weapons, same goal. As products continue to launch, we will start to see results in the second half of this year. Of course, besides products, the ability to coin terms is also quite critical. Go flow-aware routing!
1/ Today, we’re announcing Swapr: the AI-powered DEX aggregator that works for you. In TradFi, order flow segmentation enables PFOF where value accrues to brokers & MMs. Swapr flips that: instead of selling user flow, it identifies high-value users and improves their execution.
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