Focusing on technical aspects is useless; a way to feel like one is making progress without actually accomplishing anything. There have been dozens of attempts to build distributed technical solutions to the exchange problem and the one thing they have in common is that none of them have gone anywhere.

The one and only problem that needs to be solved for distributed exchanges to work is how to move the fiat. If you're not focusing on the problem of moving fiat you are wasting your time, because that's literally the only thing that matters. When fiat is no longer used then we'll have no need for exchanges.