docs: add root page for CLOB in /defi/order-book

Signed-off-by: Brendan Graetz <bguiz@users.noreply.github.com>

Author: bguiz

.gitbook/SUMMARY.md

@@ -5,6 +5,11 @@
   * [Wallet](defi/wallet/README.md)
     * [Create a wallet](defi/wallet/create.md)
     * [Accounts](defi/wallet/accounts.md)
+  * [Token Standards](defi/tokens/README.md)
+    * [INJ coin](defi/tokens/inj-coin.md)
+    * [Token Factory](defi/tokens/token-factory.md)
+    * [CW20 Standard](defi/tokens/cw20-standard.md)
+  * [Order Book](defi/order-book/README.md)
   * [Trading](defi/trading/README.md)
     * [Order Types](defi/trading/order-types.md)
     * [Trading Fees and Rebates](defi/trading/fees.md)
@@ -19,10 +24,6 @@
     * [Pre-Launch Futures](defi/trading/derivatives-pre-launch-futures.md)
     * [Index Perpetual Futures](defi/trading/derivatives-index-perpetual-futures.md)
     * [iAssets](defi/trading/derivatives-iassets.md)
-  * [Token Standards](defi/tokens/README.md)
-    * [INJ coin](defi/tokens/inj-coin.md)
-    * [Token Factory](defi/tokens/token-factory.md)
-    * [CW20 Standard](defi/tokens/cw20-standard.md)
   * [Bridge](defi/bridge/README.md)
     * [From Ethereum](https://blog.injective.com/en/how-to-bridge-from-ethereum-to-injective-using-metamask/)
     * [From Solana](https://blog.injective.com/en/how-to-bridge-from-solana-to-injective-using-phantom/)

.gitbook/defi/order-book/README.md

@@ -0,0 +1,14 @@
+# Central Limit Order Book (CLOB)
+
+The cryptocurrency industry is experiencing a renewed fascination with Central Limit Order Books (CLOBs). Across crypto social media, research reports, and development communities, on-chain orderbook infrastructure has emerged as one of the most discussed topics of 2024 and 2025. New projects are launching with significant fanfare, promising to bring "institutional-grade" trading experiences to decentralized finance. Venture capital is flowing toward CLOB-focused startups, and the narrative has crystallized around the idea that on-chain orderbooks represent the next evolutionary leap for decentralized exchanges: a sophisticated alternative to the Automated Market Maker (AMM) model that has dominated DeFi since Uniswap's rise.
+
+Yet this narrative treats on-chain CLOBs as a recent innovation, with most discourse focusing on newly-launched projects. The industry speaks of "pioneering" new approaches to orderbook infrastructure, connoting that the concept of on-chain CLOB infrastructure is being invented for the first time. This framing, while understandable given the current hype cycle, obscures a crucial historical reality.
+
+Injective has been operating a decentralized, fully on-chain CLOB infrastructure since its inception. Founded in 2018 and incubated by Binance Labs that same year, Injective launched with comprehensive orderbook functionality supporting spot trading, perpetual futures, expiry futures, and binary options markets. For seven years, Injective has been quietly solving the technical challenges that the broader crypto community has only recently begun to grapple with.
+Most CLOB-based projects emerging on the scene face fundamental constraints, as they are built within virtual machine (VM) environments. These solutions, whether on Ethereum, Solana, Aptos, Sui, or other execution environments, suffer from gas economics, computational overhead, and architectural boundaries. Additionally, many implementations rely on Layer-2 scaling, off-chain components, or hybrid architectures that compromise the decentralization that motivated moving away from centralized exchanges. 
+
+To be fair, Injective is not the only project to recognize these architectural limitations. Hyperliquid, which launched in 2022 and has captured massive attention in the current CLOB narrative, has also built a custom L1 to avoid VM constraints. However, it employs a dual architecture, splitting state execution between HyperCore and HyperEVM, introducing development complexity and performance implications for applications hoping to leverage the CLOB.
+
+Injective's approach is fundamentally different: implementing orderbook functionality as a native blockchain module rather than an application layer. This enables permissionless plug-and-play access for any application built on Injective, eliminating cross-layer complexity while executing sophisticated financial operations without gas optimization constraints or architectural compromises.
+ 
+This paper provides a comprehensive examination of Injective's on-chain CLOB infrastructure, explaining both how it works and why its architectural approach offers inherent advantages over alternative implementations. We will explore the Exchange module's (Injective’s CLOB infrastructure) design, detail its key innovations such as the Frequent Batch Auction mechanism for front-running prevention, and analyze how chain-level implementation enables capabilities that remain difficult or impossible to achieve within virtual machine environments. By understanding Injective's technical architecture, we can better appreciate both its significance as the original on-chain CLOB implementation and its strategic positioning as the crypto industry rediscovers the power of decentralized orderbook infrastructure.