In DeFi, one question comes up often: why bother building an on-chain orderbook? AMMs and intent-based limit orders already cover most trading workflows, don’t they? Retail users provide liquidity through AMMs, and institutions can quote via intents. Maybe full orderbooks are overkill, a relic of traditional finance that DeFi has outgrown. At first glance, that logic seems sound. Even if intent systems theoretically become complex when too many quotes are involved, most liquidity comes from a...