**[Flashbots Strategy Lead Hasu: 90% of DeFi Innovation Depends on Network Effects and Ecosystem Maturity, Hyperliquid May Become a Representative of New Chains]** Odaily Planet Daily News – Flashbots Strategy Lead Hasu stated in an article that most DeFi primitives are essentially financial primitives. These mechanisms have long existed but have not yet been fully migrated on-chain. Advanced DeFi innovation often relies on the maturity of underlying primitives and market liquidity, rather than purely technological breakthroughs. For example, Pendle's implementation of interest rate swaps is predicated on the thriving yield and buyback ecosystem already established on Ethereum. Hasu pointed out that network effects and ecosystem accumulation are the core drivers of DeFi innovation, with over 90% of innovation expected to continue prioritizing Ethereum and Solana. In comparison, while new chains may be technologically advanced, they lack sufficient ecosystem foundations. Hyperliquid is seen as an exception, as it possesses deep liquidity in the perpetual contract space, enabling it to gain a competitive edge in related derivative products. He concluded that the core of DeFi development is not "stronger technology," but rather the combined forces of time, liquidity, and ecosystem accumulation. Ethereum and Solana will continue to lead overall innovation, while Hyperliquid may emerge as the most promising representative among new chains.