What are the current challenges for onchain CLOBS on Solana? How was Drift designed to work around these current limitations? There are two costs that lead to wider spreads and less depth: 1) adverse selection 2) gas (e.g. priority fees) Adverse selection is a bigger issue on a blockchain than a first-come-first-serve CEX because validators auction off access to block space If the price of an assets gaps offchain, all else being equal, market makers must outbid arbitrageurs in order to update their quotes The second cost is the constant gas market makers spend to update their quotes The more users (i.e. market makers, arbitrageurs, retail users) competing for the write lock on the CLOB account, the higher the base line prioriity fees will be every time a market maker must update their quotes Market makers understand both these costs well and adjust their spread/size accordingly Drift v2 was designed around Just-in-time (JIT) liquidity because it minimizes these costs: 1) it doesn't require market makers to have quotes resting onchain meaning they loss less to adverse selection when prices are volatile offchain 2) it obviates the need for market makers to update their quotes continuously which helps them to minimize their gas spend Designing around JIT liquidity was a core decision that has enabled Drift to scale to it's current size The recent launch of Swift, which improved the JIT UX for users by enabling faster/gasless trades, and the upcoming launch of DLP, which will increase resting liquidity, are critical for scaling liquidity for the next phase of growth