Abstract: Every major phase of DeFi has been shaped by infrastructure most users rarely think about. Automated market makers unlocked on-chain trading, bridges enabled multi-chain activity, and rollups reduced execution costs. In each case, the underlying systems mattered more than the interfaces users interacted with. As DeFi enters its next phase, a similar transition is underway. A growing class of protocols focused on execution rather than applications or liquidity is becoming foundational..

Abstract: Every major phase of DeFi has been shaped by infrastructure most users rarely think about. Automated market makers unlocked on-chain trading, bridges enabled multi-chain activity, and rollups reduced execution costs. In each case, the underlying systems mattered more than the interfaces users interacted with. As DeFi enters its next phase, a similar transition is underway. A growing class of protocols focused on execution rather than applications or liquidity is becoming foundational..