THE VERTICAL INTEGRATORS: ETHENA, HYPERLIQUID, AND UNISWAP

Summary from the TLDR Crypto newsletter

Major DeFi protocols like Ethena, Hyperliquid, and Uniswap are launching general-purpose chains and L2s focused on their strengths. Ethena uses USDe for capital efficiency, Uniswap capitalizes on its DEX dominance and MEV capture, and Hyperliquid utilizes its derivatives trading ecosystem. Vertical integration suggests that apps, not chains, control user relationships, potentially threatening traditional general-purpose without clear differentiation. App-centric chains may be better positioned to capture more value from their existing user bases than undifferentiated L1s.