Industry Trends - Integrated chains are initially predicted to win [1] - The trend evolves to every app becoming a chain, fueled by sovereignty hopium [1] - Bridging challenges and the appeal of composability lead to the idea of chains sharing sequencing [1] - Ultimately, integrated chains are expected to win due to user focus on performance and good UX [1]

BTCfi on Sui Overview - BTCfi on Sui 旨在解锁比特币的新效用，而不仅仅是转移比特币 [1] - 新效用包括产生收益 [1] Key Features - 可组合性 [2] - 去中心化访问 [2] Strategic Considerations - 不同的模型有不同的权衡，选择应基于信任和构建目标 [1]

Onchain UX Future - Composability is considered the future of onchain UX [1] Technology Comparison - Sui's Programmable Transaction Blocks (PTBs) and Ethereum's EIP-7702 are both aiming to achieve composability [1] - The approaches of Sui and Ethereum differ significantly, representing evolution versus clean-slate design philosophies [1]

Market Opportunity - A trillion USD in idle BTC represents a significant untapped potential [1] - Sui is positioned to unlock this potential by building infrastructure for Bitcoin-native finance [1] Technological Advancement - Sui is not just bridging, but actively constructing the rails for Bitcoin-native finance [1] - The focus is on creating a decentralized, composable, and unstoppable financial system [1]

Partnerships & Synergies - Phantom and Hyperliquid are a good match, with Phantom providing the user interface Hyperliquid lacked [1] - Hyperliquid offers the backend infrastructure, while Phantom provides the user-facing application [1] - This composability positions Hyperliquid as superior to centralized exchanges (CEXs) [1] User Base & Market Focus - Hyperliquid's web interface is well-suited for DeFi professionals [1] - Phantom appeals to retail users, particularly those interested in memecoin trading [1] Liquidity & Growth - Increased adoption of Hyperliquid by front-facing apps will boost its liquidity [1] - Enhanced liquidity further attracts more liquidity to the platform [1]

Appchain Thesis - Appchain 理论正在全面展开 [1] - 所有 L2 需要的可组合性和应用抽象将增长 10 倍 [1]

Market Analysis - Composability in decentralized applications is underappreciated [1] - Hyperliquid's usage increased significantly after HyperEVM was teased and $HYPE was dropped, indicating the importance of composability [1]

Decentralized Derivatives Platform & Technology - Drift aims to be the best decentralized derivatives platform, built on Solana L1 for global atomic state machine benefits [1] - Solana L1 is expected to dominate asset issuance due to its direct downstream product building capabilities [1] - Drift utilizes a distributed limit orderbook (DLOB) alongside just-in-time liquidity (JIT) due to its fully on-chain design [5] Composability & Liquidity - The industry believes composability is crucial in the long term [2] - Drift's success is attributed to its liquidity model rather than the choice of a CLOB [3] - JIT mechanism is designed to protect makers by giving them the last look at the price [6] - Drift is working on updates to improve resting liquidity [7] Assets & TVL - Drift has $1 billion in TVL across various collateral types, including SOL, BTC, ETH, and Solana tokens [2] CLOB Debate & Design - Takers generally prefer CLOBs for the last look at the price, while makers dislike on-chain CLOBs due to potential exploitation [4] - Drift cannot re-order, prioritize, or slow down specific transactions on Solana [5]