Liquidity pools vs. order books
- The order book is a collection of the currently open orders for a given market.
- The system that matches orders with each other is called the matching engine. Along with the matching engine, the order book is the core of any centralized exchange (CEX). This model is great for facilitating efficient exchange and allowed the creation of complex financial markets.
- Each interaction with the order book requires gas fees, which makes it much more expensive to execute trades.
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