Delphia’s data token model will function as a decentralized autonomous organization (DAO), votes for which are tied to its ERC-20 token that data-providing users receive for sharing their information.
The exchange says it will not receive payment for order flow (PFOF), a method for order fulfillment Robinhood became notorious for that involves the exchange receiving payment from market makers for directing orders their way.
Up top we can see that retail trading activity in volume terms remains a fraction of its institutional volume; bear in mind, however, that retail investors generate not only the vast bulk of Coinbase’s trading revenues, but also the preponderance of its total top line.