According to CoinMeta, Jeff Yan, the founder of Hyperliquid, stated that research papers by Davide Barone and Fabrizio Lillo have shown that after the public disclosure of TWAP orders visible on the chain, market liquidity tightened, which improved the average execution outcome of TWAP orders. He believes that for non-toxic order flows, transparent trading can enhance execution efficiency, and transparency along with fair access can lead to more efficient transaction executions.