Executive Summary CLOB and RFQ represent fundamentally different answers to the same question: should liquidity be public market state, or a private execution service? * RFQ is liquidity-as-a-service: a taker requests a price, a dealer evaluates the request, and execution happens only if the dealer is willing to

RISE is going live. We're doing it differently. I've been talking about onchain orderbooks for years. Ask anyone on the team. Ask anyone who's sat through a pitch with me. At some point in every conversation, I end up back at the same place: