question begs itself: if you're okay with trusting a single party, then why would you move off from a centralized exchange in the first place?
some reasons that come to mind:
- better liquidity?
- farming points/airdrops?
- exclusive token distribution?
the first is extremely

Systemic risk when margin trading on a single sequencer L2:
- Suppose you have a Binance scale L2.
- Further suppose it has perps, spot-margin, etc. Everyone is trading on margin.
- Further suppose you have a 7 day fraud proof window.
- Black swan (e.g. regulator shuts down

Armani Ferrante

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