According to an article by Hasu, Head of Strategy at Flashbots, as reported by Odaily Planet Daily, most DeFi primitives are essentially financial primitives. These mechanisms already exist, but haven't been fully migrated to the blockchain. Advanced DeFi innovations often rely on the maturity of the underlying primitives and market liquidity, rather than simply technological breakthroughs. For example, the implementation of interest rate swaps in Pendle presupposes a thriving yield and buyback ecosystem already established on Ethereum.

Hasu points out that network effects and ecosystem accumulation are the core driving forces behind DeFi innovation, and it is expected that over 90% of innovations will still primarily appear on Ethereum and Solana. In contrast, while new chains are technologically advanced, they lack a sufficient ecosystem foundation. Hyperliquid is considered an exception, possessing deep liquidity in the perpetual contract space, which can create a competitive advantage in related derivative products.

He concluded that the core of DeFi's development is not "stronger technology," but rather the combined effect of time, liquidity, and ecosystem accumulation. Ethereum and Solana will continue to lead overall innovation, while Hyperliquid may become the most promising representative among the new chains.