Jeff Yan: TWAP on the chain improves the efficiency of order implementation

Jeff Yan, founder of Hyperliquid, stated that a paper study by Davide Barone and Fabrizio Lillo showed that market liquidity was tightened following the disclosure of the chain-visible TWAP order, which improved the average performance of TWAP orders. In his view, for non-toxic order streams, transparent transactions could improve the efficiency of enforcement and transparency and fair access could lead to more efficient transaction enforcement。