$960K worth of MYX, but only $14K can be sold on-chain—what does this tell us? Why is it crucial to use order books before liquidity is abundant? Actually, Solana gave us the answer a long time ago. Go try buying or selling some major tokens on Jupiter right now. The trades don’t rely on on-chain liquidity at all; instead, they use centralized quotes from market makers. The liquidity from these market makers either comes from their own positions or from CEX order books. This MM approach had a professional term a few months ago called 'Mullet,' introduced by Coinbase. The moment I saw it, I knew there was an opportunity for retail traders to make money here, so I wrote about it in my earlier track observations. This MM approach is now referred to as proprietary market making, and some people call these MMs 'Proprietary MM.' These Mullets are also quoting on-chain, but they’re not using AMM (Automated Market Making), the traditional model commonly used by DEXs. With the retreat of on-chain liquidity, that model has already collapsed. Stick to order books. Stick to order books. Stick to order books.