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afaiu

draws liquidity from Serum CLOB on the swap trades, but it doesn't add liquidity to serum CLOB the latter would also be cool but the constant cancel & replaces are probably uneconomical even at Solana fee levels would be quite cool to do this though

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and

fairly confident the answer is that

@RaydiumProtocol

does provide directly into the Serum CLOB

1:17 AM · Jul 19, 2021Twitter Web App

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and

it does have frequent cancels/replaces but

@solana

is cheap so it's not super expensive

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Will be interesting to see CEXs replicate this function

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Raydium deposits <50% liquidity into Serum. In fact, Raydium has 0 orders on Serum for their 2nd largest permissionless pool (OSX-USDC, $200k liq) Atrix solves this - 100% permissionless pools with 100% of liquidity deposited into Serum - the Uniswap of Solana