The Hidden Tax of Public Order Books: Why On-Chain OTC Needs Sealed-Bid RFQs

If you've spent any time staring at a DEX aggregator, an orderbook DEX, or a perpetuals exchange, you've probably absorbed a piece of folklore: on-chain order books are the endgame . Get enough throughput, enough MEV protection, enough private mempools, and DeFi will finally do what centralized exchanges do — only trustlessly. I don't think that's right. At least, not for the kind of flow that matters most: OTC-size trades, where the trader and the market maker both need to actually transact at