Trades exceeding $100 million don't simply jump into a liquidity pool and hope for the best. They navigate complex waters, tapping into AMMs, onchain RFQ mechanisms, and hidden private channels invisible to most. The goal is clear: avoid slippage and secure the best price.
Onchain RFQ works by sending a request to professional market makers who respond with firm quotes, blending offchain calculation and onchain settlement. This contrasts with AMMs, which continuously price assets but struggle with large orders due to rising slippage. Aggregators smartly route and sometimes split massive orders between these sources, balancing speed and price impact.
As tokenized Treasuries and money market funds grow on public blockchains, major players demand institutional-grade execution. This evolution means whales increasingly favor RFQ for tight price control, while AMMs remain the playground for smaller assets or niche tokens. Traders can now even trace exactly where their fills originated, thanks to fresh datasets that map order paths.
