Decentralized assets[1] (technically possible already today, but not yet used for any high-volume instrument) have a single trading venue, namely the blockchain

Decentralized assets[1] (technically possible already today, but not yet used for any high-volume instrument) have a single trading venue, namely the blockchain(s) on which the assets live. If multiple chains are involved[2][3], each individual trade is still atomic, but there would be a more complex ordering of trades: you could have trades which take longer than others to occur, and failed trades would also be publicly visible. [1] https://en.bitcoin.it/wiki/Colored_Coins https://en.bitcoin.it/wiki/Colored_Coins [2] https://en.bitcoin.it/wiki/Atomic_cross-chain_trading https://en.bitcoin.it/wiki/Atomic_cross-chain_trading [3] https://github.com/TierNolan/bips/blob/bip4x/bip-atom.mediawiki#Abstract https://github.com/TierNolan/bips/blob/bip4x/bip-atom.mediaw...