Flashbots Strategic Lead Hasu: Over 90% of DeFi Innovation Depends on Network Effects and Ecosystem Maturity

As reported by Odaily, Flashbots strategic lead Hasu stated that most DeFi primitives are essentially financial primitives that already exist but have not been fully migrated on-chain. He emphasized that high-level DeFi innovation relies more on the maturity of underlying primitives and market liquidity than on technical breakthroughs. For example, the implementation of interest swaps via Pendle requires a mature yield and repo ecosystem on Ethereum. Hasu noted that network effects and ecosystem accumulation are the core drivers of DeFi innovation, with over 90% of innovation expected to continue emerging on Ethereum and Solana. While new chains may offer advanced technology, they often lack sufficient ecosystem foundations. Hyperliquid is seen as an exception due to its deep liquidity in perpetual contracts, which could give it a competitive edge in derivative products. He concluded that DeFi's development hinges not on stronger technology, but on the combined force of time, liquidity, and ecosystem growth.