It's amazing to see the CLOB primitive getting the attention it truly deserves. Injective pioneered the first truly decentralized CLOB, charting a path that many considered unconventional at the time. As someone who's been building CLOB infrastructure for 6+ years, I witnessed firsthand the challenges of our contrarian approach. A decision that ultimately has been proven to be correct in the end. Over the years we have optimized every single parameter of the infrastructure layer to enable superior trading experiences. Through reducing block times to near instant finality and enabling frequent batch auctions to prevent any form of MEV, we've worked alongside some of the best institutions to optimize the stack further with real input from multi billion dollar asset managers. When we started experimentation with CLOBs as far back as 2018, it was highly difficult to conduct all operations onchain. Every single VC and even some crypto native firms encouraged us to shift to an AMM and catch the hype train during DeFi summer as far back as 2020. AMMs quickly took hold and became the industry standard led by Uniswap and then many other forked copycats. However, we stayed true to our belief and mission. To truly create a platform for finance to thrive, we had to create the best CLOB infrastructure in existence. One that is directly integrated into the chain stack and most importantly one where every single component is decentralized. Injective certainly traveled down the path that was less popular and looked down upon, but we believed in the fundamental superiority of order book mechanics. The vindication of our approach is now evident in market behavior. Liquidity has been increasingly migrating from automated market makers toward centralized limit order books, where continuous auctions match maker and taker bids with deep visible depth, narrow spreads, and deterministic fills. These are attributes that AMMs, which rely on automated curves, struggle to maintain under tail event slippage conditions. Order book resiliency represents the key differentiating metric, as CLOBs demonstrate how swiftly depth replenishes after large trades, whereas on chain AMM pools only reset prices via arbitrage and must await external flows to rebalance. CLOBs excel in toxic flow analysis, enabling bespoke execution algorithms to distinguish informed from noise trades and slice orders optimally. This transparency advantage extends to arbitrageurs who favor CLOBs for minimal latency and predictable fees, while AMMs impose slippage costs that grow with trade size squared. Advanced execution algorithms such as VWAP, TWAP, and POV thrive on tick level book data that CLOBs provide, whereas AMM slicing remains a blunt instrument prone to adverse selection. We are already witnessing a broader trend of users and flow migrating away from centralized counterparts to decentralized venues. The future is only getting brighter and people are finally waking up to the great promise of CLOBs. I'm excited to see CLOBs finally getting the attention they deserve and am beyond excited to be writing the next chapter in the history of the new financial system with my team at Injective. The future ahead has never looked better for @injective