In the case of Lighter: 1. All data is verifiable - you don't have to trust the operator. Withdraw your funds via escape hatch if Lighter stops operating. There are CLOBs for other products like spot/options where realtime settlement makes a difference, and it is synergistic via portfolio margin 2. Lighter can trivially offer privacy to traders by encrypting data (with the trader's public key) before it's posted to Ethereum. This does not affect the escape hatch. Position level privacy can be mandatory, opt-in, or opt-out. Trades, volume and open interest can remain public, verifiable info while individual trader positions remain hidden 3. No priority fees on Lighter. 4. Combining onshore/offshore orderbooks is technically possible but that's up to the regulators. 5. Lighter matching engine is centralized and highly performant. There is no tradeoff between speed and security. If there is inefficiency, it is the cost of generating and publishing proofs of correct execution, which is low and continuing to drop quickly.