Modular chains, to put it simply, only really change two things for end users: cheaper interactions and the increasingly irrelevant concern of "which chain to do it on." Just a click in the wallet, and behind the scenes, the settlement destination and liquidity migration are likely smoothed out by routing and aggregators... Of course, this assumes we don't turn fragmentation into a new hell.

From my market-making perspective, I'm more concerned about: when the same set of assets moves back and forth between different execution layers/rollups, the impermanent loss curve for LPs will become more "jumpy," especially when bridges, cross-chain delays, and fees suddenly spike, which is very obvious in the chart.

Recently, the disputes between privacy coins/mixers and compliance have also been quite divisive. I just hope that in the future, these modules don't turn into "using them automatically means there's a problem," and that user experience isn't dragged down by moral judgments.

I personally trust data more; intuition is too easily swayed by current emotions, but the chart won't be. That's all for now.