As decentralized markets scale, liquidity does not disappear, it fragments. Execution quality increasingly depends on aggregation and intelligent routing at the application layer, where multiple venues are abstracted into a single execution surface for traders.

The first decade of crypto was about building rails. Blockchains solved settlement, removed intermediaries, and created a global, programmable ledger. In many ways, the industry rebuilt the backend of the traditional banking system—clearing, custody, and reconciliation—only faster and more efficient. That phase is largely complete.

What remains unresolved, and increasingly unavoidable, is privacy.

The Changing of the Guard: Every few generations, society reaches an inflection point or upon reflecting our current situation, a moment when existing institutions lose credibility, collective trust fades, and a new order begins to emerge from the remnants of the past.