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1. The issue of Rollup fragmentation 🔻
The issue of Rollup fragmentation has been discussed for nearly 2 years. On the surface, the cause of this problem is that when OP initially promoted the Super Chain plan, it did not adequately prepare cross-ecosystem service support, resulting in the relative independence and liquidity fragmentation of various Rollups within the ecosystem.
However, this problem can actually be traced back to when the multi-chain L1 pattern was initially formed in the last cycle. The cross-chain protocols that emerged at that time could not effectively link the various 'islands', merely building a bridge but failing to solve the resource allocation issues between the 'islands'.
Fortunately, these issues have also spurred the emergence of new interchain solutions. Ethereum, as the largest multi-chain ecosystem, has also launched its native interoperability layer to address the problems of liquidity dispersion and 'resource scheduling.'
The reason it is said to be a step behind is that protocols like OP's 'Raas' have long introduced their own ecosystem's native interchain protocol standards, and other third-party cross-chain protocols have also begun to squeeze into the chain abstraction track.
Furthermore, abstract protocols like Particle introduced a full-chain environment trading terminal application more than half a year ago, clearly distinguishing chain abstraction from existing cross-chain protocols.
We are no longer just discussing the old topic of Ethereum's L2 ecosystem 'unified grand undertaking,' but rather, under the premise that a seamless full-chain experience has already been realized, how far are we from the exponential growth trend of applications?
2. The empowerment issue between UNI and Uniswap 🔻
The empowerment issue between UNI and Uniswap has been criticized for a long time; the community proposal regarding the [Fee switch] being passed is merely a step forward for something that should have been implemented long ago.
Moreover, as a former leader in DEX, its market share of less than 20% in the currently intensely competitive homogeneous DEX red ocean makes the symbolic significance of this proposal far greater than its actual significance.
3. Compliance on the left, 'wildness on the right' 🔻
If we talk about innovations in the financial tool paradigm within the financial sector due to cryptocurrencies, then the 'perpetual contract' is undoubtedly the most significant.
As a financial derivative that directly anchors spot prices, it has formed an independent and larger derivative market without affecting the spot market, and due to the design of 'fee rates,' it has derived hedging-based 'yield protocols' like Ethena in this cycle, which expanded the market size to tens of billions in a very short time, and an even larger scale is foreseeable in the short term. This is just a small part of the contract derivatives market.
Perpetual contracts do not require delivery like futures, and have even lower barriers compared to options. This derivative tool with a 'wild' temperament may potentially cross the wall of cryptocurrencies to reflect and map to traditional financial markets with the inauguration of the first 'crypto president' in the U.S.
Imagine, if the market capitalization of the cryptocurrency spot market was only one trillion, how much larger would the market be if the anchoring target were changed to a hundred times the scale of the securities market? Moreover, in traditional financial markets, securities are just one category, with others such as foreign exchange, commodity futures, etc.
Another prediction market track with a 'mirror' meaning, as one of the earliest financial paradigm use cases in Web3, had been on the margins throughout previous cycles until this presidential election, when PolyMarket, as a 'third-party opinion showcase,' broke the mold, drawing widespread attention from capital to this track's development singularity.
After the election, the market is more concerned about how long the aftershocks of the prediction market will last, but under the relay of capital, it has even begun to show a trend towards transforming into 'decision-making infrastructure!' Unlike the 'mirror' of perpetual contracts, the prediction market abstracts specific targets, directing the 'mirror' anchor to the event itself, thereby creating a unique event 'decision' market.
