This morning, the traffic was ridiculously congested, and my coffee was half cold by the time I finished it… I casually checked the blockchain, and suddenly thought about the so-called modularity. The end users probably only care about two things: don’t make me pay so many fees, and don’t make me wait half a day only to have the transaction fail. As for whether you split execution/settlement/data or stack them together, honestly, as long as the experience is good.

But the reality is, new L1/L2 incentives boost TVL, and old users start complaining about “mining, selling, and dumping,” because crossing over and bridging back, all the risks and frictions fall on the users. For someone like me who focuses on perpetuals, the biggest change with modularity is actually: liquidity becomes more fragmented, hot spots jump more, and funding rates and liquidation zones are more easily distorted by “temporary traffic”… So I’ll say this: don’t believe the narratives, first look at where the on-chain money comes from and where it flows to. Discipline is greater than faith.