Flashbots strategic lead Hasu emphasized that over 90% of DeFi innovation is driven by network effects and ecosystem maturity rather than technical breakthroughs. He noted that most DeFi primitives are financial concepts that have yet to be fully migrated on-chain, with innovation relying heavily on the maturity of underlying primitives and market liquidity. Hasu highlighted Ethereum and Solana as key platforms for DeFi growth, while new chains often lack the necessary ecosystem foundations. Hyperliquid was mentioned as an exception due to its strong liquidity in perpetual contracts, potentially giving it an edge in derivatives.