26 Years of Decentralized Business Models: Disguising Liquidity as a Public Good vs Disguising Security and Stability as a Decentralized Product



1. Uniswap has eliminated front-end fees, ushering in an era of protocol-level fees

Ethereum has increased packing fees for L2

The public good logic is gradually shifting towards a commodity logic

2. Hyperliquid's builder code encourages front-end fees

A product based on centralized liquidity as the business logic

3. Mercenaries wrapped with VC-backed credit and pre-TGE expectations will continue to shine

Path dependence and arbitrageurs have not disappeared

4. 26 years marks the decentralized era of cash flow commodities

No matter the expectations or methods, as long as the money can be collected, it can be verified on-chain, and multi-signature wallets can be used
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