If you are still concerned about "which coin can rise," you may have already missed the deepest narrative of this round.

Written by: 0xResearcher

From on-chain integration to on-chain rewriting, DeFi has begun to tinker with the underlying layers again.

In the DeFi Summer of 2021, everyone was issuing tokens, mining, and making minor innovations; in 2023, DeFi has started to be restructured again. But this time, it is not about module integration or gameplay innovation, but rather a "reverse" roll-up from the bottom layer.

You will find more and more projects questioning rather than building the wheels of the previous generation:

"Is this wheel designed incorrectly?"

Thus, on-chain trading has begun to show two routes:

• Either do everything yourself: I build the chain, I write the matching, and I handle wallet interactions.

• Or only write the most basic components, modularize everything, and let others combine them into a system.

Today, let's talk about this ongoing battle of underlying reconstruction. We are not discussing projects, but rather looking at what problems these projects are solving and why we should care about this trend.

Question 1: Why is on-chain trading still not done well?

On-chain trading, starting with the revolution of AMM (Uniswap), once broke through the market-making threshold but also shattered efficiency.

If you want depth, you lose efficiency; if you want efficiency, matching must return to centralization.

In recent years, on-chain trading has tried to upgrade from AMM to "on-chain CEX," but the result has either been making L2 (cheap gas but no users) or creating chains (created chains but no one connects), and ultimately everyone realizes that the problem is not TPS, but rather:

• Matching and clearing settlement are not decoupled.

• Liquidity is split between chains and DEXs.

• Cross-chain trading experience is extremely poor, and wallet interactions are cumbersome.

So, the current direction is not "a better DEX," but rather directly rebuilding the trading system foundation.

Hyperliquid: On-chain trading system, perhaps it should not be layered at all

Hyperliquid's approach is: do not separate L1/L2, do not separate matching/settlement, but rather create a native high-performance chain that directly integrates the matching and trading modules into the chain logic.

The benefits are:

• Matching is processed on-chain, and transactions are verifiable.

• No reliance on Sequencer, and no external clearing nodes.

• All assets and liquidity are aggregated in a unified account system.

In simple terms:

"It’s not just a DEX hanging on the chain; the chain itself is the exchange."

This idea is somewhat like looking at Solana, but without using a VM, directly customizing for trading. The cost is high coupling and poor scalability, but the experience is truly smooth.

Orderly is more like a multi-chain version of Hyperliquid, taking the route of encircling the cities from the countryside—not a single dominant chain, but using modularization and multi-chain layout to allow more chains and projects to utilize "native exchange" level performance and liquidity.

Ethena: Synthetic assets, creating an on-chain dollar savings account without stablecoins

Ethena is not solving trading issues but rather the stablecoin + on-chain interest rate problem.

USDe is essentially not a stablecoin but a delta-neutral combination created using ETH/BTC and perpetual hedging shorts:

• Value preservation relies on hedging.

• Earnings come from funding rates and arbitrage opportunities.

• Pricing is controlled through a set of incentive mechanisms that manage mint/redeem liquidity.

This logic is not new, but Ethena has packaged it with strong operational design into:

"An on-chain dollar savings account" + "A stable income entry."

The key is that it does not rely on centralized reserves or bonds, but rather on a combination of on-chain assets + perpetual contracts, creating a consumer-grade product with an on-chain Cash & Carry strategy. Moreover, everyone participates in DEX, creating more earnings and possibilities.

In short, Orderly is "a DIY toolbox for ordinary people to have a stablecoin ecosystem and decentralized exchange."

Orderly: Not creating products, but writing "standard components for on-chain trading"

Orderly has chosen a third path: modular trading infrastructure.

It does not conduct full-chain self-research like Hyperliquid, nor does it turn financial strategies into products like Ethena, but rather disassembles the on-chain trading system into multiple combinable "standard parts," providing project parties with the freedom to assemble. Its core philosophy is: to build reusable, verifiable, and aggregable trading components that serve the entire multi-chain DeFi ecosystem.

Key designs of Orderly include:

Centralized matching + on-chain settlement: ensuring performance off-chain while achieving transparency and verifiability on-chain;

• Multi-chain liquidity aggregation: mainstream chains like Base, Arbitrum, Optimism, and Solana can seamlessly connect, achieving a unified account system and cross-chain asset circulation.

• Modular trading engine: core capabilities such as matching, clearing settlement, risk control, and liquidity distribution can be independently deployed and freely combined.

• Shared order book across projects: not every project builds a separate liquidity pool, but rather achieves system-level order book sharing, breaking down liquidity islands from the bottom up.

It is especially worth mentioning that Orderly is currently one of the few high-performance trading systems that can natively integrate Solana. Solana is known for its extreme performance, but its architecture is not compatible with EVM, making it difficult for many multi-chain DeFi projects to effectively incorporate it. Orderly replicates the "CEX-like" trading experience on Solana through a unified account structure and modular abstraction—this not only fills the gap in high-performance chains for multi-chain trading systems but also introduces a new paradigm of shared liquidity and modular trading infrastructure to the entire Solana ecosystem.

In other words, Orderly transforms Solana's performance into "part of a multi-chain system," rather than "a special capability of an isolated chain."

Orderly does not create end products but serves builders of perp projects, market-making vaults, stablecoin protocols, etc., providing standardized trading frameworks.

Just as Stripe provides payment infrastructure for Web2, Orderly aims to be the "standard components for trading services" on-chain, allowing developers to avoid reinventing the wheel while still having professional exchange-level performance and modules.

In the Solana ecosystem, Orderly has deeply integrated with Raydium, aggregating spot and perpetual trading liquidity of core assets including SOL, USDC, and USDT through a unified order book, achieving an almost zero slippage trading experience, truly bringing "centralized-like smoothness" into the on-chain world.

This is not just a technical integration but a successful implementation of the modular trading system concept. Through deep integration with Raydium, its unified order book carries dual liquidity for spot and perpetual, significantly reducing users' trading costs and slippage, while also bringing unprecedented systemic liquidity aggregation to Solana. This model is gradually becoming a template for building multi-chain trading infrastructure on high-performance chains, allowing builders to enjoy trading experiences comparable to CEX for the first time on Solana.

So what is OmniVault? Just a side product

Since you are building infrastructure, how can retail investors participate? Orderly provides a side entrance: OmniVault.

Essentially, it is:

• Users deposit USDC.

• Market makers like Kronos use it for trading.

• Earnings are returned to LP users.

• All fund allocation and strategy execution are fully visible on-chain.

• Of the trading fees collected by Orderly, 40% will reward Vault LPs, and 60% goes to stakers.

It is not mining, nor does it rely on token incentives; it uses real trading profits to reward liquidity participants.

This is completely different from the early DeFi logic of "pulling liquidity through subsidies," and is more akin to HFT strategy funds in traditional finance—just transformed into an on-chain version with a lower threshold.

DeFi is not becoming simpler; it is becoming more "systematically engineered."

Today's DeFi is far from the "tweaking contracts and mining" situation of 2020.

Either you go full-chain self-research like Hyperliquid, achieving extreme performance;

Or you go like Ethena, combining on-chain tools into "real financial scenarios";

Or you go like Orderly, building standard components that allow others to quickly assemble products.

None of these three approaches are right or wrong; they each address the "engineering structural shortcomings" of DeFi.

The future hit products may not necessarily create their own chains or issue their own tokens, but they will definitely leverage these structures.

If you are still concerned about "which coin can rise," you may have already missed the deepest narrative of this round.

The protagonists of this round are not the coins, but the structures themselves.

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