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Possibly relevant is this Twitter thread from a couple years ago:

Thread

1/4 I've discussed my thoughts on DEXes future with @Cointelegraph

I envision thousands of small P2P nodes/matching engines, each run by separate groups, resulting in a fractal liquidity aggregation model.

https://cointelegraph.com/news/decentralized-exchanges-maturing-but-high-demand-reveals-limitations

https://twitter.com/paoloardoino/status/1294892859984875521
https://nitter.it/paoloardoino/status/1294892859984875521