diff --git a/benchmark/compare.js b/benchmark/compare.js
index 286938aee..44a4fdea6 100644
--- a/benchmark/compare.js
+++ b/benchmark/compare.js
@@ -22,6 +22,8 @@ baseline.forEach((suite, i) => {
 
   suite.benchmarks.forEach((base, j) => {
     const comp = comparison[i].benchmarks[j]
+    if (!comp) return
+
     const b = base.iterations / base.elapsed * 100
     const c = comp.iterations / comp.elapsed * 100
     const threshold = b * THRESHOLD
diff --git a/benchmark/fixtures/models/get-path/index.js b/benchmark/fixtures/models/get-path/index.js
new file mode 100644
index 000000000..9f195e453
--- /dev/null
+++ b/benchmark/fixtures/models/get-path/index.js
@@ -0,0 +1,17 @@
+
+import { __clear } from '../../../../lib/utils/memoize'
+
+export default function ({ state, text }) {
+  state.document.getPath(text.key)
+}
+
+export function before(state) {
+  const text = state.document.getLastText()
+  __clear()
+  return { state, text }
+}
+
+export function after() {
+  __clear()
+}
+
diff --git a/benchmark/fixtures/regular/normal/input.yaml b/benchmark/fixtures/models/get-path/input.yaml
similarity index 100%
rename from benchmark/fixtures/regular/normal/input.yaml
rename to benchmark/fixtures/models/get-path/input.yaml
diff --git a/benchmark/fixtures/models/get-ranges/index.js b/benchmark/fixtures/models/get-ranges/index.js
new file mode 100644
index 000000000..4348237b0
--- /dev/null
+++ b/benchmark/fixtures/models/get-ranges/index.js
@@ -0,0 +1,17 @@
+
+import { __clear } from '../../../../lib/utils/memoize'
+
+export default function (text) {
+  text.getRanges()
+}
+
+export function before(state) {
+  const text = state.document.getFirstText()
+  __clear()
+  return text
+}
+
+export function after() {
+  __clear()
+}
+
diff --git a/benchmark/fixtures/models/get-ranges/input.yaml b/benchmark/fixtures/models/get-ranges/input.yaml
new file mode 100644
index 000000000..4e8716ff3
--- /dev/null
+++ b/benchmark/fixtures/models/get-ranges/input.yaml
@@ -0,0 +1,19 @@
+nodes:
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: text
+    ranges:
+    - text: 'This is editable '
+    - text: 'rich'
+      marks:
+      - type: bold
+    - text: ' text, '
+    - text: 'much'
+      marks:
+      - type: italic
+    - text: ' better than a '
+    - text: '<textarea>'
+      marks:
+      - type: code
+    - text: '!'
diff --git a/benchmark/fixtures/models/update-descendant/index.js b/benchmark/fixtures/models/update-descendant/index.js
new file mode 100644
index 000000000..0a5ffe7a1
--- /dev/null
+++ b/benchmark/fixtures/models/update-descendant/index.js
@@ -0,0 +1,20 @@
+
+import { __clear } from '../../../../lib/utils/memoize'
+
+export default function ({ state, next }) {
+  state.document.updateDescendant(next)
+}
+
+export function before(state) {
+  const texts = state.document.getTexts()
+  const { size } = texts
+  const text = texts.get(Math.round(size / 2))
+  const next = text.insertText(0, 'some text')
+  __clear()
+  return { state, next }
+}
+
+export function after() {
+  __clear()
+}
+
diff --git a/benchmark/fixtures/transforms/split-block-wide/input.yaml b/benchmark/fixtures/models/update-descendant/input.yaml
similarity index 100%
rename from benchmark/fixtures/transforms/split-block-wide/input.yaml
rename to benchmark/fixtures/models/update-descendant/input.yaml
diff --git a/benchmark/fixtures/regular/normal/index.js b/benchmark/fixtures/rendering/normal/index.js
similarity index 100%
rename from benchmark/fixtures/regular/normal/index.js
rename to benchmark/fixtures/rendering/normal/index.js
diff --git a/benchmark/fixtures/rendering/normal/input.yaml b/benchmark/fixtures/rendering/normal/input.yaml
new file mode 100644
index 000000000..b510137eb
--- /dev/null
+++ b/benchmark/fixtures/rendering/normal/input.yaml
@@ -0,0 +1,683 @@
+nodes:
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        key: _cursor_
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
diff --git a/benchmark/fixtures/serializers/raw-deserialize/index.js b/benchmark/fixtures/serializers/raw-deserialize/index.js
new file mode 100644
index 000000000..52d5f3fde
--- /dev/null
+++ b/benchmark/fixtures/serializers/raw-deserialize/index.js
@@ -0,0 +1,10 @@
+
+import { Raw } from '../../../..'
+
+export default function (json) {
+  Raw.deserialize(json, { normalize: false })
+}
+
+export function before(state) {
+  return Raw.serialize(state)
+}
diff --git a/benchmark/fixtures/serializers/raw-deserialize/input.yaml b/benchmark/fixtures/serializers/raw-deserialize/input.yaml
new file mode 100644
index 000000000..b510137eb
--- /dev/null
+++ b/benchmark/fixtures/serializers/raw-deserialize/input.yaml
@@ -0,0 +1,683 @@
+nodes:
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        key: _cursor_
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
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diff --git a/benchmark/fixtures/serializers/raw-serialize/index.js b/benchmark/fixtures/serializers/raw-serialize/index.js
new file mode 100644
index 000000000..bc58f6ee8
--- /dev/null
+++ b/benchmark/fixtures/serializers/raw-serialize/index.js
@@ -0,0 +1,6 @@
+
+import { Raw } from '../../../..'
+
+export default function (state) {
+  Raw.serialize(state)
+}
diff --git a/benchmark/fixtures/serializers/raw-serialize/input.yaml b/benchmark/fixtures/serializers/raw-serialize/input.yaml
new file mode 100644
index 000000000..b510137eb
--- /dev/null
+++ b/benchmark/fixtures/serializers/raw-serialize/input.yaml
@@ -0,0 +1,683 @@
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+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
diff --git a/benchmark/fixtures/transforms/split-block-wide/index.js b/benchmark/fixtures/transforms/split-block/index.js
similarity index 100%
rename from benchmark/fixtures/transforms/split-block-wide/index.js
rename to benchmark/fixtures/transforms/split-block/index.js
diff --git a/benchmark/fixtures/transforms/split-block/input.yaml b/benchmark/fixtures/transforms/split-block/input.yaml
new file mode 100644
index 000000000..b510137eb
--- /dev/null
+++ b/benchmark/fixtures/transforms/split-block/input.yaml
@@ -0,0 +1,683 @@
+nodes:
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        key: _cursor_
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'This is editable '
+        - text: 'rich'
+          marks:
+          - type: bold
+        - text: ' text, '
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'much'
+          marks:
+          - type: italic
+        - text: ' better than a '
+        - text: '<textarea>'
+          marks:
+          - type: code
+        - text: '!'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        ranges:
+        - text: 'Since it''s rich text, you can do things like turn a selection of text '
+        - text: 'bold'
+          marks:
+          - type: bold
+        - text: ', or add a semantically rendered block quote in the middle of the page,
+            like this:'
+- kind: block
+  type: block-quote
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'A wise quote.'
+- kind: block
+  type: paragraph
+  nodes:
+  - kind: block
+    type: paragraph
+    nodes:
+    - kind: block
+      type: paragraph
+      nodes:
+      - kind: text
+        text: 'Try it out for yourself!'
diff --git a/examples/large-document/index.js b/examples/large-document/index.js
index 4a606fae4..26c81198d 100644
--- a/examples/large-document/index.js
+++ b/examples/large-document/index.js
@@ -17,6 +17,23 @@ const schema = {
   nodes: {
     'heading': props => <h1 {...props.attributes}>{props.children}</h1>,
     'paragraph': props => <p {...props.attributes} style={{ marginBottom: 20 }}>{props.children}</p>,
+  },
+  marks: {
+    bold: {
+      fontWeight: 'bold'
+    },
+    code: {
+      fontFamily: 'monospace',
+      backgroundColor: '#eee',
+      padding: '3px',
+      borderRadius: '4px'
+    },
+    italic: {
+      fontStyle: 'italic'
+    },
+    underlined: {
+      textDecoration: 'underline'
+    }
   }
 }
 
@@ -26,14 +43,14 @@ for (let h = 0; h < HEADINGS; h++) {
   nodes.push({
     kind: 'block',
     type: 'heading',
-    nodes: [ { kind: 'text', text: faker.lorem.sentence() } ]
+    nodes: [{ kind: 'text', text: faker.lorem.sentence() }]
   })
 
   for (let p = 0; p < PARAGRAPHS; p++) {
     nodes.push({
       kind: 'block',
       type: 'paragraph',
-      nodes: [ { kind: 'text', text: faker.lorem.paragraph() } ]
+      nodes: [{ kind: 'text', text: faker.lorem.paragraph() }]
     })
   }
 }
@@ -55,7 +72,7 @@ class LargeDocument extends React.Component {
   constructor() {
     super()
     console.time('deserializeLargeDocument')
-    this.state = { state: Raw.deserialize({ nodes }, { terse: true }) }
+    this.state = { state: Raw.deserialize({ nodes }, { normalize: false, terse: true }) }
     console.timeEnd('deserializeLargeDocument')
   }
 
@@ -69,6 +86,45 @@ class LargeDocument extends React.Component {
     this.setState({ state })
   }
 
+  /**
+   * On key down, if it's a formatting command toggle a mark.
+   *
+   * @param {Event} e
+   * @param {Object} data
+   * @param {State} state
+   * @return {State}
+   */
+
+  onKeyDown = (e, data, state) => {
+    if (!data.isMod) return
+    let mark
+
+    switch (data.key) {
+      case 'b':
+        mark = 'bold'
+        break
+      case 'i':
+        mark = 'italic'
+        break
+      case 'u':
+        mark = 'underlined'
+        break
+      case '`':
+        mark = 'code'
+        break
+      default:
+        return
+    }
+
+    state = state
+      .transform()
+      .toggleMark(mark)
+      .apply()
+
+    e.preventDefault()
+    return state
+  }
+
   /**
    * Render the editor.
    *
@@ -83,6 +139,7 @@ class LargeDocument extends React.Component {
         spellCheck={false}
         state={this.state.state}
         onChange={this.onChange}
+        onKeyDown={this.onKeyDown}
       />
     )
   }
diff --git a/src/components/content.js b/src/components/content.js
index 105066329..3aa134879 100644
--- a/src/components/content.js
+++ b/src/components/content.js
@@ -726,7 +726,7 @@ class Content extends React.Component {
 
     // If there are no ranges, the editor was blurred natively.
     if (!native.rangeCount) {
-      data.selection = selection.merge({ isFocused: false })
+      data.selection = selection.set('isFocused', false)
       data.isNative = true
     }
 
diff --git a/src/components/leaf.js b/src/components/leaf.js
index b99d29f1b..4b5a0d98c 100644
--- a/src/components/leaf.js
+++ b/src/components/leaf.js
@@ -29,6 +29,7 @@ class Leaf extends React.Component {
    */
 
   static propTypes = {
+    block: React.PropTypes.object.isRequired,
     editor: React.PropTypes.object.isRequired,
     index: React.PropTypes.number.isRequired,
     marks: React.PropTypes.object.isRequired,
@@ -129,7 +130,7 @@ class Leaf extends React.Component {
    */
 
   renderText(props) {
-    const { node, state, parent, text, index, ranges } = props
+    const { block, node, parent, text, index, ranges } = props
 
     // COMPAT: If the text is empty and it's the only child, we need to render a
     // <br/> to get the block to have the proper height.
@@ -147,7 +148,6 @@ class Leaf extends React.Component {
 
     // COMPAT: Browsers will collapse trailing new lines at the end of blocks,
     // so we need to add an extra trailing new lines to prevent that.
-    const block = state.document.getClosestBlock(node.key)
     const lastText = block.getLastText()
     const lastChar = text.charAt(text.length - 1)
     const isLastText = node == lastText
diff --git a/src/components/node.js b/src/components/node.js
index 975191e3f..abfccf99a 100644
--- a/src/components/node.js
+++ b/src/components/node.js
@@ -32,6 +32,7 @@ class Node extends React.Component {
    */
 
   static propTypes = {
+    block: React.PropTypes.object,
     editor: React.PropTypes.object.isRequired,
     node: React.PropTypes.object.isRequired,
     parent: React.PropTypes.object.isRequired,
@@ -229,6 +230,7 @@ class Node extends React.Component {
       <Node
         key={child.key}
         node={child}
+        block={this.props.node.kind == 'block' ? this.props.node : this.props.block}
         parent={this.props.node}
         editor={this.props.editor}
         readOnly={this.props.readOnly}
@@ -247,9 +249,7 @@ class Node extends React.Component {
   renderElement = () => {
     const { editor, node, parent, readOnly, state } = this.props
     const { Component } = this.state
-    const children = node.nodes
-      .map(child => this.renderNode(child))
-      .toArray()
+    const children = node.nodes.map(this.renderNode).toArray()
 
     // Attributes that the developer must to mix into the element in their
     // custom node renderer component.
@@ -321,12 +321,13 @@ class Node extends React.Component {
    */
 
   renderLeaf = (ranges, range, index, offset) => {
-    const { node, parent, schema, state, editor } = this.props
+    const { block, node, parent, schema, state, editor } = this.props
     const { text, marks } = range
 
     return (
       <Leaf
         key={`${node.key}-${index}`}
+        block={block}
         editor={editor}
         index={index}
         marks={marks}
diff --git a/src/models/node.js b/src/models/node.js
index a3dc3b28b..10aadb72c 100644
--- a/src/models/node.js
+++ b/src/models/node.js
@@ -214,12 +214,23 @@ const Node = {
    */
 
   getBlocks() {
-    return this.nodes.reduce((blocks, node) => {
-      if (node.kind != 'block') return blocks
-      return node.isLeafBlock()
-        ? blocks.push(node)
-        : blocks.concat(node.getBlocks())
-    }, new List())
+    const array = this.getBlocksAsArray()
+    return new List(array)
+  },
+
+  /**
+   * Get the leaf block descendants of the node.
+   *
+   * @return {List<Node>}
+   */
+
+  getBlocksAsArray() {
+    return this.nodes.reduce((array, child) => {
+      if (child.kind != 'block') return array
+      if (!child.isLeafBlock()) return array.concat(child.getBlocksAsArray())
+      array.push(child)
+      return array
+    }, [])
   },
 
   /**
@@ -635,12 +646,29 @@ const Node = {
    */
 
   getInlines() {
-    return this.nodes.reduce((inlines, node) => {
-      if (node.kind == 'text') return inlines
-      return node.isLeafInline()
-        ? inlines.push(node)
-        : inlines.concat(node.getInlines())
-    }, new List())
+    const array = this.getInlinesAsArray()
+    return new List(array)
+  },
+
+  /**
+   * Get the closest inline nodes for each text node in the node, as an array.
+   *
+   * @return {List<Node>}
+   */
+
+  getInlinesAsArray() {
+    let array = []
+
+    this.nodes.forEach((child) => {
+      if (child.kind == 'text') return
+      if (child.isLeafInline()) {
+        array.push(child)
+      } else {
+        array = array.concat(child.getInlinesAsArray())
+      }
+    })
+
+    return array
   },
 
   /**
@@ -909,27 +937,17 @@ const Node = {
    */
 
   getPath(key) {
-    key = Normalize.key(key)
-
-    if (key == this.key) return []
-
+    let child = this.assertNode(key)
+    const ancestors = this.getAncestors(key)
     const path = []
-    let childKey = key
-    let parent
 
-    // Efficient with getParent memoization
-    while (parent = this.getParent(childKey)) {
-      const index = parent.nodes.findIndex(n => n.key === childKey)
+    ancestors.reverse().forEach((ancestor) => {
+      const index = ancestor.nodes.indexOf(child)
       path.unshift(index)
-      childKey = parent.key
-    }
+      child = ancestor
+    })
 
-    if (childKey === key) {
-      // Did not loop once, meaning we could not find the child
-      throw new Error(`Could not find a descendant node with key "${key}".`)
-    } else {
-      return path
-    }
+    return path
   },
 
   /**
@@ -1043,11 +1061,28 @@ const Node = {
    */
 
   getTexts() {
-    return this.nodes.reduce((texts, node) => {
-      return node.kind == 'text'
-        ? texts.push(node)
-        : texts.concat(node.getTexts())
-    }, new List())
+    const array = this.getTextsAsArray()
+    return new List(array)
+  },
+
+  /**
+   * Recursively get all the leaf text nodes in order of appearance, as array.
+   *
+   * @return {List<Node>}
+   */
+
+  getTextsAsArray() {
+    let array = []
+
+    this.nodes.forEach((node) => {
+      if (node.kind == 'text') {
+        array.push(node)
+      } else {
+        array = array.concat(node.getTextsAsArray())
+      }
+    })
+
+    return array
   },
 
   /**
@@ -1136,7 +1171,7 @@ const Node = {
     }
 
     const nodes = this.nodes.insert(index, node)
-    return this.merge({ nodes })
+    return this.set('nodes', nodes)
   },
 
   /**
@@ -1187,7 +1222,7 @@ const Node = {
     if (second.kind == 'text') {
       let { characters } = first
       characters = characters.concat(second.characters)
-      first = first.merge({ characters })
+      first = first.set('characters', characters)
     }
 
     else {
@@ -1224,7 +1259,7 @@ const Node = {
       if (ret != node) nodes = nodes.set(ret.key, ret)
     })
 
-    return this.merge({ nodes })
+    return this.set('nodes', nodes)
   },
 
   /**
@@ -1248,7 +1283,7 @@ const Node = {
       nodes = nodes.set(index, ret)
     })
 
-    return this.merge({ nodes })
+    return this.set('nodes', nodes)
   },
 
   /**
@@ -1258,7 +1293,8 @@ const Node = {
    */
 
   regenerateKey() {
-    return this.merge({ key: generateKey() })
+    const key = generateKey()
+    return this.set('key', key)
   },
 
   /**
@@ -1279,11 +1315,8 @@ const Node = {
     const isParent = node == parent
     const nodes = parent.nodes.splice(index, 1)
 
-    parent = parent.merge({ nodes })
-    node = isParent
-      ? parent
-      : node.updateDescendant(parent)
-
+    parent = parent.set('nodes', nodes)
+    node = isParent ? parent : node.updateDescendant(parent)
     return node
   },
 
@@ -1296,7 +1329,7 @@ const Node = {
 
   removeNode(index) {
     const nodes = this.nodes.splice(index, 1)
-    return this.merge({ nodes })
+    return this.set('nodes', nodes)
   },
 
   /**
@@ -1356,8 +1389,8 @@ const Node = {
         const { characters } = child
         const oneChars = characters.take(i)
         const twoChars = characters.skip(i)
-        one = child.merge({ characters: oneChars })
-        two = child.merge({ characters: twoChars }).regenerateKey()
+        one = child.set('characters', oneChars)
+        two = child.set('characters', twoChars).regenerateKey()
       }
 
       else {
@@ -1369,8 +1402,8 @@ const Node = {
         oneNodes = (oneNodes.size == (nodes.size - 1) && one == nodes.last()) ? nodes : oneNodes.push(one)
 
         const twoNodes = nodes.skipUntil(n => n.key == one.key).rest().unshift(two)
-        one = child.merge({ nodes: oneNodes })
-        two = child.merge({ nodes: twoNodes }).regenerateKey()
+        one = child.set('nodes', oneNodes)
+        two = child.set('nodes', twoNodes).regenerateKey()
       }
 
       child = base.getParent(child.key)
@@ -1404,8 +1437,8 @@ const Node = {
     const oneNodes = nodes.take(count)
     const twoNodes = nodes.skip(count)
 
-    const one = node.merge({ nodes: oneNodes })
-    const two = node.merge({ nodes: twoNodes }).regenerateKey()
+    const one = node.set('nodes', oneNodes)
+    const two = node.set('nodes', twoNodes).regenerateKey()
 
 
     const nodeIndex = parent.nodes.indexOf(node)
@@ -1425,22 +1458,19 @@ const Node = {
    */
 
   updateDescendant(node) {
-    let found = false
+    let child = this.assertDescendant(node.key)
+    const ancestors = this.getAncestors(node.key)
 
-    const result = this.mapDescendants((d) => {
-      if (d.key == node.key) {
-        found = true
-        return node
-      } else {
-        return d
-      }
+    ancestors.reverse().forEach((parent) => {
+      let { nodes } = parent
+      const index = nodes.indexOf(child)
+      child = parent
+      nodes = nodes.set(index, node)
+      parent = parent.set('nodes', nodes)
+      node = parent
     })
 
-    if (!found) {
-      throw new Error(`Could not update descendant node with key "${node.key}".`)
-    } else {
-      return result
-    }
+    return node
   },
 
   /**
@@ -1478,7 +1508,7 @@ const Node = {
   concatChildren(nodes) {
     warn('The `Node.concatChildren(nodes)` method is deprecated.')
     nodes = this.nodes.concat(nodes)
-    return this.merge({ nodes })
+    return this.set('nodes', nodes)
   },
 
   /**
@@ -1620,6 +1650,7 @@ memoize(Node, [
   'areDescendantsSorted',
   'getAncestors',
   'getBlocks',
+  'getBlocksAsArray',
   'getBlocksAtRange',
   'getBlocksByType',
   'getCharacters',
@@ -1645,6 +1676,7 @@ memoize(Node, [
   'getFurthestAncestor',
   'getFurthestOnlyChildAncestor',
   'getInlines',
+  'getInlinesAsArray',
   'getInlinesAtRange',
   'getInlinesByType',
   'getKeys',
@@ -1667,6 +1699,7 @@ memoize(Node, [
   'getTextAtOffset',
   'getTextDirection',
   'getTexts',
+  'getTextsAsArray',
   'getTextsAtRange',
   'hasChild',
   'hasDescendant',
diff --git a/src/models/text.js b/src/models/text.js
index d25f34615..23c91b314 100644
--- a/src/models/text.js
+++ b/src/models/text.js
@@ -4,7 +4,7 @@ import Mark from './mark'
 import Range from './range'
 import memoize from '../utils/memoize'
 import generateKey from '../utils/generate-key'
-import { List, Record, OrderedSet, Set } from 'immutable'
+import { List, Record, OrderedSet, Set, is } from 'immutable'
 
 /**
  * Default properties.
@@ -118,8 +118,7 @@ class Text extends new Record(DEFAULTS) {
    */
 
   get text() {
-    return this.characters
-      .reduce((result, char) => result + char.text, '')
+    return this.characters.reduce((string, char) => string + char.text, '')
   }
 
   /**
@@ -137,11 +136,11 @@ class Text extends new Record(DEFAULTS) {
       if (i >= index + length) return char
       let { marks } = char
       marks = marks.add(mark)
-      char = char.merge({ marks })
+      char = char.set('marks', marks)
       return char
     })
 
-    return this.merge({ characters })
+    return this.set('characters', characters)
   }
 
   /**
@@ -223,43 +222,51 @@ class Text extends new Record(DEFAULTS) {
    */
 
   getRanges(decorators = []) {
-    const list = new List()
     const characters = this.getDecorations(decorators)
+    let ranges = []
+
+    // PERF: cache previous values for faster lookup.
+    let prevChar
+    let prevRange
 
     // If there are no characters, return one empty range.
     if (characters.size == 0) {
-      return list.push(new Range())
+      ranges.push({})
     }
 
-    // Convert the now-decorated characters into ranges.
-    const ranges = characters.reduce((memo, char, i) => {
-      const { marks, text } = char
+    // Otherwise, loop the characters and build the ranges...
+    else {
+      characters.forEach((char, i) => {
+        const { marks, text } = char
 
-      // The first one can always just be created.
-      if (i == 0) {
-        return memo.push(new Range({ text, marks }))
-      }
+        // The first one can always just be created.
+        if (i == 0) {
+          prevChar = char
+          prevRange = { text, marks }
+          ranges.push(prevRange)
+          return
+        }
 
-      // Otherwise, compare to the previous and see if a new range should be
-      // created, or whether the text should be added to the previous range.
-      const previous = characters.get(i - 1)
-      const prevMarks = previous.marks
-      const added = marks.filterNot(mark => prevMarks.includes(mark))
-      const removed = prevMarks.filterNot(mark => marks.includes(mark))
-      const isSame = !added.size && !removed.size
+        // Otherwise, compare the current and previous marks.
+        const prevMarks = prevChar.marks
+        const isSame = is(marks, prevMarks)
 
-      // If the marks are the same, add the text to the previous range.
-      if (isSame) {
-        const index = memo.size - 1
-        let prevRange = memo.get(index)
-        let prevText = prevRange.get('text')
-        prevRange = prevRange.set('text', prevText += text)
-        return memo.set(index, prevRange)
-      }
+        // If the marks are the same, add the text to the previous range.
+        if (isSame) {
+          prevChar = char
+          prevRange.text += text
+          return
+        }
 
-      // Otherwise, create a new range.
-      return memo.push(new Range({ text, marks }))
-    }, list)
+        // Otherwise, create a new range.
+        prevChar = char
+        prevRange = { text, marks }
+        ranges.push(prevRange)
+      }, [])
+    }
+
+    // PERF: convert the ranges to immutable objects after iterating.
+    ranges = new List(ranges.map(object => new Range(object)))
 
     // Return the ranges.
     return ranges
@@ -294,7 +301,7 @@ class Text extends new Record(DEFAULTS) {
       .concat(chars)
       .concat(characters.slice(index))
 
-    return this.merge({ characters })
+    return this.set('characters', characters)
   }
 
   /**
@@ -304,7 +311,8 @@ class Text extends new Record(DEFAULTS) {
    */
 
   regenerateKey() {
-    return this.merge({ key: generateKey() })
+    const key = generateKey()
+    return this.set('key', key)
   }
 
   /**
@@ -322,11 +330,11 @@ class Text extends new Record(DEFAULTS) {
       if (i >= index + length) return char
       let { marks } = char
       marks = marks.remove(mark)
-      char = char.merge({ marks })
+      char = char.set('marks', marks)
       return char
     })
 
-    return this.merge({ characters })
+    return this.set('characters', characters)
   }
 
   /**
@@ -342,7 +350,7 @@ class Text extends new Record(DEFAULTS) {
     const start = index
     const end = index + length
     characters = characters.filterNot((char, i) => start <= i && i < end)
-    return this.merge({ characters })
+    return this.set('characters', characters)
   }
 
   /**
@@ -363,11 +371,11 @@ class Text extends new Record(DEFAULTS) {
       if (!marks.has(mark)) return char
       marks = marks.remove(mark)
       marks = marks.add(newMark)
-      char = char.merge({ marks })
+      char = char.set('marks', marks)
       return char
     })
 
-    return this.merge({ characters })
+    return this.set('characters', characters)
   }
 
   /**
diff --git a/src/models/transform.js b/src/models/transform.js
index fb0b3634f..3836f3101 100644
--- a/src/models/transform.js
+++ b/src/models/transform.js
@@ -85,7 +85,7 @@ class Transform {
     if (save) this.save({ merge })
 
     // Return the new state with the `isNative` flag set.
-    return this.state.merge({ isNative: !!isNative })
+    return this.state.set('isNative', !!isNative)
   }
 
 }
diff --git a/src/plugins/core.js b/src/plugins/core.js
index 3b87d6b12..e0b51198b 100644
--- a/src/plugins/core.js
+++ b/src/plugins/core.js
@@ -167,7 +167,7 @@ function Plugin(options = {}) {
 
     // Add the `isNative` flag directly, so we don't have to re-transform.
     if (isNative) {
-      next = next.merge({ isNative })
+      next = next.set('isNative', isNative)
     }
 
     // If not native, prevent default so that the DOM remains untouched.
diff --git a/src/serializers/raw.js b/src/serializers/raw.js
index 0e59e9d33..55e69e38b 100644
--- a/src/serializers/raw.js
+++ b/src/serializers/raw.js
@@ -134,14 +134,16 @@ const Raw = {
   deserializeRange(object, options = {}) {
     if (options.terse) object = Raw.untersifyRange(object)
 
+    const marks = Mark.createSet(object.marks.map((mark) => {
+      return Raw.deserializeMark(mark, options)
+    }))
+
     return Character.createList(object.text
       .split('')
       .map((char) => {
         return Character.create({
           text: char,
-          marks: Mark.createSet(object.marks.map((mark) => {
-            return Raw.deserializeMark(mark, options)
-          }))
+          marks,
         })
       }))
   },
diff --git a/src/transforms/apply-operation.js b/src/transforms/apply-operation.js
index 5f304a013..b639c74d5 100644
--- a/src/transforms/apply-operation.js
+++ b/src/transforms/apply-operation.js
@@ -78,7 +78,7 @@ function addMark(state, operation) {
   let node = document.assertPath(path)
   node = node.addMark(offset, length, mark)
   document = document.updateDescendant(node)
-  state = state.merge({ document })
+  state = state.set('document', document)
   return state
 }
 
@@ -97,7 +97,7 @@ function insertNode(state, operation) {
   const isParent = document == parent
   parent = parent.insertNode(index, node)
   document = isParent ? parent : document.updateDescendant(parent)
-  state = state.merge({ document })
+  state = state.set('document', document)
   return state
 }
 
@@ -127,7 +127,7 @@ function insertText(state, operation) {
     selection = selection.moveFocus(text.length)
   }
 
-  state = state.merge({ document, selection })
+  state = state.set('document', document).set('selection', selection)
   return state
 }
 
@@ -171,7 +171,7 @@ function joinNode(state, operation) {
     }
   }
 
-  state = state.merge({ document, selection })
+  state = state.set('document', document).set('selection', selection)
   return state
 }
 
@@ -201,7 +201,7 @@ function moveNode(state, operation) {
   target = target.insertNode(newIndex, node)
   document = isTarget ? target : document.updateDescendant(target)
 
-  state = state.merge({ document })
+  state = state.set('document', document)
   return state
 }
 
@@ -219,7 +219,7 @@ function removeMark(state, operation) {
   let node = document.assertPath(path)
   node = node.removeMark(offset, length, mark)
   document = document.updateDescendant(node)
-  state = state.merge({ document })
+  state = state.set('document', document)
   return state
 }
 
@@ -278,7 +278,7 @@ function removeNode(state, operation) {
   document = isParent ? parent : document.updateDescendant(parent)
 
   // Update the document and selection.
-  state = state.merge({ document, selection })
+  state = state.set('document', document).set('selection', selection)
   return state
 }
 
@@ -307,7 +307,7 @@ function removeText(state, operation) {
 
   node = node.removeText(offset, length)
   document = document.updateDescendant(node)
-  state = state.merge({ document, selection })
+  state = state.set('document', document).set('selection', selection)
   return state
 }
 
@@ -325,7 +325,7 @@ function setMark(state, operation) {
   let node = document.assertPath(path)
   node = node.updateMark(offset, length, mark, newMark)
   document = document.updateDescendant(node)
-  state = state.merge({ document })
+  state = state.set('document', document)
   return state
 }
 
@@ -356,7 +356,7 @@ function setNode(state, operation) {
 
   node = node.merge(properties)
   document = node.kind === 'document' ? node : document.updateDescendant(node)
-  state = state.merge({ document })
+  state = state.set('document', document)
   return state
 }
 
@@ -388,7 +388,7 @@ function setSelection(state, operation) {
 
   selection = selection.merge(properties)
   selection = selection.normalize(document)
-  state = state.merge({ selection })
+  state = state.set('selection', selection)
   return state
 }
 
@@ -411,7 +411,7 @@ function splitNode(state, operation) {
   // If there's no offset, it's using the `count` instead.
   if (offset == null) {
     document = document.splitNodeAfter(path, count)
-    state = state.merge({ document })
+    state = state.set('document', document)
     return state
   }
 
@@ -446,7 +446,7 @@ function splitNode(state, operation) {
     }
   }
 
-  state = state.merge({ document, selection })
+  state = state.set('document', document).set('selection', selection)
   return state
 }
 
diff --git a/src/transforms/at-current-range.js b/src/transforms/at-current-range.js
index 6a2baec0f..850b37758 100644
--- a/src/transforms/at-current-range.js
+++ b/src/transforms/at-current-range.js
@@ -28,13 +28,13 @@ Transforms.addMark = (transform, mark) => {
 
   if (selection.marks) {
     const marks = selection.marks.add(mark)
-    const sel = selection.merge({ marks })
+    const sel = selection.set('marks', marks)
     transform.select(sel)
     return
   }
 
   const marks = document.getMarksAtRange(selection).add(mark)
-  const sel = selection.merge({ marks })
+  const sel = selection.set('marks', marks)
   transform.select(sel)
 }
 
@@ -341,13 +341,13 @@ Transforms.removeMark = (transform, mark) => {
 
   if (selection.marks) {
     const marks = selection.marks.remove(mark)
-    const sel = selection.merge({ marks })
+    const sel = selection.set('marks', marks)
     transform.select(sel)
     return
   }
 
   const marks = document.getMarksAtRange(selection).remove(mark)
-  const sel = selection.merge({ marks })
+  const sel = selection.set('marks', marks)
   transform.select(sel)
 }
 
diff --git a/src/transforms/at-range.js b/src/transforms/at-range.js
index 2d9e48268..0ebf1af9d 100644
--- a/src/transforms/at-range.js
+++ b/src/transforms/at-range.js
@@ -1058,7 +1058,7 @@ Transforms.unwrapInlineAtRange = (transform, range, properties, options = {}) =>
 
 Transforms.wrapBlockAtRange = (transform, range, block, options = {}) => {
   block = Normalize.block(block)
-  block = block.merge({ nodes: block.nodes.clear() })
+  block = block.set('nodes', block.nodes.clear())
 
   const { normalize = true } = options
   const { state } = transform
@@ -1144,7 +1144,7 @@ Transforms.wrapInlineAtRange = (transform, range, inline, options = {}) => {
   }
 
   inline = Normalize.inline(inline)
-  inline = inline.merge({ nodes: inline.nodes.clear() })
+  inline = inline.set('nodes', inline.nodes.clear())
 
   const blocks = document.getBlocksAtRange(range)
   let startBlock = document.getClosestBlock(startKey)
diff --git a/src/transforms/by-key.js b/src/transforms/by-key.js
index fcb36d281..325020606 100644
--- a/src/transforms/by-key.js
+++ b/src/transforms/by-key.js
@@ -401,7 +401,7 @@ Transforms.unwrapNodeByKey = (transform, key, options = {}) => {
 
 Transforms.wrapInlineByKey = (transform, key, inline, options) => {
   inline = Normalize.inline(inline)
-  inline = inline.merge({ nodes: inline.nodes.clear() })
+  inline = inline.set('nodes', inline.nodes.clear())
 
   const { document } = transform.state
   const node = document.assertDescendant(key)
@@ -424,7 +424,7 @@ Transforms.wrapInlineByKey = (transform, key, inline, options) => {
 
 Transforms.wrapBlockByKey = (transform, key, block, options) => {
   block = Normalize.block(block)
-  block = block.merge({ nodes: block.nodes.clear() })
+  block = block.set('nodes', block.nodes.clear())
 
   const { document } = transform.state
   const node = document.assertDescendant(key)
diff --git a/src/transforms/normalize.js b/src/transforms/normalize.js
index 2372fd4ac..11bf74c59 100644
--- a/src/transforms/normalize.js
+++ b/src/transforms/normalize.js
@@ -97,7 +97,7 @@ Transforms.normalizeSelection = (transform) => {
     })
   }
 
-  state = state.merge({ selection })
+  state = state.set('selection', selection)
   transform.state = state
 }
 
diff --git a/src/transforms/on-history.js b/src/transforms/on-history.js
index 5234945c7..7bc80658e 100644
--- a/src/transforms/on-history.js
+++ b/src/transforms/on-history.js
@@ -33,8 +33,8 @@ Transforms.redo = (transform) => {
 
   // Update the history.
   state = transform.state
-  history = history.merge({ undos, redos })
-  state = state.merge({ history })
+  history = history.set('undos', undos).set('redos', redos)
+  state = state.set('history', history)
 
   // Update the transform.
   transform.state = state
@@ -71,8 +71,8 @@ Transforms.save = (transform, options = {}) => {
   redos = redos.clear()
 
   // Update the state.
-  history = history.merge({ undos, redos })
-  state = state.merge({ history })
+  history = history.set('undos', undos).set('redos', redos)
+  state = state.set('history', history)
 
   // Update the transform.
   transform.state = state
@@ -106,8 +106,8 @@ Transforms.undo = (transform) => {
 
   // Update the history.
   state = transform.state
-  history = history.merge({ undos, redos })
-  state = state.merge({ history })
+  history = history.set('undos', undos).set('redos', redos)
+  state = state.set('history', history)
 
   // Update the transform.
   transform.state = state