PBKDF2 is almost entirely "linear", you can build an efficient pipeline which runs entirely on-chip without needing to reach out to external memory (a very large RAM requirement needs many more state holding gates than the FPGA has available, so it needs to start using external memory). The FPGA can essentially compose a digital conveyor belt for PBKDF2. This isn't as effective for Argon2id which forces it to stop and start and stop and start, etc.
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