Hanji is an on-chain limit order book: each market is one contract holding the bids and asks for a pair, matched by price and then by time the moment an order crosses, with every fill settled in the same transaction that asked for it.

What makes the book deep is not who happens to be resting orders in it. A market maker quotes a ladder of virtual orders around the price from its own vault, placed into the book as a taker arrives and withdrawn as it leaves, so the size at the top of the book is there for the trade that needs it, at a one basis point taker fee and a price that moves in fractions of a basis point.

A book is only as useful as the order that reaches it at the right moment. The exit that went through a pool's curve because nobody checked what the book would pay. The budget that was meant to buy on a dip and sat in a wallet while the dip came and went. The rebalance that waited for a person when the price was already there.

The books' depth is read off the chain when an order is drafted, so the bound it carries starts from what the book would actually fill, and the order runs when a condition is met rather than when someone is at the keyboard, paying what it bought straight into the next step.

ETH sold into the bids the moment it crosses a price. A stablecoin budget spent on cbBTC or ETH on a schedule, never above a cap. A leg of a larger strategy that fills against the book instead of a pool.

The traders who get the most from an order book are the ones whose orders arrive on time. That stops being a matter of watching it.