DEXes built as Automated Market Makers (AMM) can't compete on the number of writes to global state. Even AMMs built on chains with "parallelizable" exectution like @solana are limited, because the parallelization only applies to tx's which affect different parts of the global state. E.g., 100 transactions taking the different sides of an AMM trade of one token pair end up updating the same global piece of state (the reserve amounts). In contrast, with an orderbook model, those 100 transactions can be matched and processed independently of each other. A self-custodial onchain orderbook with offchain matching can be built on any chain, but deploying it on @0xMiden provides two further advantages: 1. It takes the load off the validators, allowing higher throughput 2. Trades are private! You can't get this anywhere else.