📖Why order book?

Order books have been a staple in traditional finance and have many advantages compared to other solutions like AMM:

1. Zero Slippage: In an order book model, trades are less likely to cause significant price slippage, especially for larger orders, because they can be filled at multiple price levels.

2. Limit Orders: Order books allow users to place limit orders, meaning they can specify the price at which they are willing to buy or sell an asset. This is not typically possible with AMMs.

3. No Impermanent Loss: Unlike AMMs, order book models do not expose liquidity providers to impermanent loss, which can occur when the price of a token changes between the time it is deposited and withdrawn.

4. Price Discovery: Order books allow for better price discovery as they provide more information about market depth and liquidity at different price levels. This can lead to more efficient markets.

For markets with high liquidity, order book exchanges are always the ideal choice and apparently are more widely accepted by institutions and retail traders.