I'm pretty sure you're on to something here. In auction markets, the money is won on the spread. Forget about investing or trading - ups and downs don't count. Limit the analysis to the business of 'liquidity provider', or market maker as they've been traditionally called. The MM, or 'LP', makes their money off the spread. Period.

And here, everyone wants to be both market maker and customer at the same time (unless they've got a master plan for onboarding up their sleeves ... and a savve customer base to draw on). That sounds like wanting to have your cake and eat it too. 😉

Of course, the air will come out of the balloon rather quickly I would think.