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[image] There isn't liquidity because an orderbook exists. Liquidity emerges when professional market makers have capital they can deploy efficiently. What interests me about RNIP-6 isn't the move to an orderbook—it's the capital architecture behind it. Instead of leaving liquidity

[image] RLP yield on @reya_xyz shouldn't just be considered in terms of APY. It's much more interesting to consider where that yield ends up. When yield is directly tied to the margin system, the opportunity cost of capital changes. When a trader holds capital in the system, that