Flashbots Strategic Director Hasu: 90% of DeFi innovation depends on network effects and ecosystem maturity, Hyperliquid may become a representative of the new chain.

According to news from CoinWorld, Flashbots' strategic director Hasu stated that most DeFi primitives are essentially financial primitives that have existed for a long time, but have not yet been fully migrated on-chain. Advanced DeFi innovations often rely on the maturity of underlying primitives and market liquidity, rather than purely technological breakthroughs. Taking Pendle as an example, the implementation of interest rate swaps is predicated on the existence of a thriving yield and buyback ecosystem on Ethereum. Hasu pointed out that network effects and ecological accumulation are the core drivers of DeFi innovation, and it is expected that over 90% of innovations will still prioritize appearing on Ethereum and Solana. In contrast, new chains, although technologically advanced, lack sufficient ecological foundations. Hyperliquid is seen as an exception, as it possesses deep liquidity in the perpetual futures domain, allowing it to form a competitive advantage in related derivation products. He concluded that the core of DeFi's development is not “stronger technology,” but rather a combination of time, liquidity, and ecological accumulation. Ethereum and Solana will continue to lead overall innovation, while Hyperliquid may become the most promising representative among new chains.