Solutions are not built just to be debated, but to solve the exact problems and challenges.
In the coming months, you may be surprised to find
@native_fi infrastructure has already satisfied the demand for
#RWA and beyond with its full suite of liquidity and trading infrastructure.
- Efficient liquidity - Native Credit Pool
- Proactive pricing and relay - Native RFQ / trading engine
- Price discovery, smooth execution, and beyond - 👀
- Broad retail / institutional access and distribution - as we already demonstrated
Tools and mechanisms are the means, not the ends. Native is here to combine all necessary features for the optimized solution to on-chain liquidity problems.
I don’t think anyone serious is arguing that RFQs replace orderbooks entirely. And nobody is crowning RFQs over orderbooks.
**Notice how Lucas drew a distinction in his response in the video below rather than call one model superior to the other.
CLOBs and RFQs optimise for different things and solve different market structure problems.
Orderbooks are excellent for native price discovery. Nobody disputes that. Hyperliquid and Lighter are fantastic examples of this.
But the bigger bottleneck for scaling global on-chain markets is not price discovery. It’s liquidity sourcing.
You cannot realistically bootstrap deep crypto-native orderbooks for every commodity, FX pair, index, equity basket, or global market. Fragmentation eventually becomes a problem.
That’s where RFQ architecture becomes powerful.
RFQs are designed to connect DeFi to existing liquidity rather than rebuilding every market from scratch. And ironically, many of the largest TradFi markets today, FX, bonds, OTC derivatives, and institutional block trading, are heavily RFQ-driven.
A smart RFQ system aggregating multiple liquidity sources can absolutely provide better effective execution in many situations.
And yes, “last look” concerns are valid, but that’s mostly in poorly designed RFQ systems.
Interestingly, even Lighter just announced “Lighter RFQ” specifically to handle large RWA positions with lower slippage and better pricing.
That alone should tell you that even strong CLOB systems eventually recognise that RFQ infrastructure becomes extremely useful once you start dealing with RWAs, larger size, fragmented liquidity, and TradFi-style execution.
So RFQs are not some “inferior fake market structure.”They solve a different problem.
The future is probably not RFQ vs CLOB.
It’s hybrid systems combining:
• price discovery
• smart routing
• aggregated liquidity
• institutional access
• efficient execution