# Composability Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Composability", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

From "On-Chain Applications" to "Financial Infrastructure": The Generational Evolution and Transformation of Perp DEX

Title: From "On-Chain Applications" to "Financial Infrastructure": The Generational Evolution of Perp DEX The 2025 period was a "great filtering era" for the derivatives sector. Surviving Perp DEX platforms have moved beyond being mere "low-cost versions" of CEXs by solving the core cost in finance: trust. With the adoption of full-chain abstraction, users in 2026 can perform seamless cross-chain transactions while retaining asset sovereignty, as funds are secured in smart contracts rather than held by intermediaries. On-chain derivatives now consistently account for over 25% of total trading volume, marking a fundamental shift in user behavior. Over 90% of Perp DEXs failed due to product homogeneity, reliance on subsidized "rented liquidity," and soaring customer acquisition costs. Merely forking existing code or offering token incentives proved unsustainable. Four successful models have emerged: 1. **Hyperliquid**: Achieved near-CEX performance by building its own L1 blockchain optimized for low-latency order books, attracting quantitative capital. 2. **Aster**: Leveraged the Binance ecosystem to offer enhanced capital efficiency, allowing users to earn yield on collateral (e.g., staking rewards) while trading. 3. **Lighter**: Built an app-specific ZK-Rollup to provide a verifiable, mathematically-proven trading infrastructure with anti-MEV properties, appealing to institutions. 4. **Decibel**: Unified high performance and full-chain composability on Aptos, achieving sub-20ms latency and enabling cross-chain margin accounts for seamless trading from wallets like MetaMask. Future evolution will focus on: * **Intent-centric trading**: Users express a desired outcome, and solvers find the optimal execution path. * **AI Agents**: The rise of AI-driven trading strategies will require DEXs to provide high computational power and low latency. * **Advanced Pricing Models**: Dynamic risk engines will use real-time volatility data to automatically adjust parameters, increasing system robustness beyond traditional CEXs. The key to survival is providing unparalleled execution efficiency that capital and trading strategies cannot refuse.

marsbitYesterday 04:34

From "On-Chain Applications" to "Financial Infrastructure": The Generational Evolution and Transformation of Perp DEX

marsbitYesterday 04:34

2025: DeFi Completes Its 'Coming of Age', Three Turning Points Define the New Landscape

2025 marked a maturation phase for DeFi, characterized by clearer credit cycles, growing institutional inflows, and more robust trading venues. On-chain credit expansion resumed in the second half of the year, driven by renewed risk appetite. Real World Asset (RWA) tokenization saw explosive growth, with public-market RWAs surging from $5.6B to $16.7B, led by tokenized U.S. Treasuries and commodities. Perpetual DEXs hit record volumes, capturing 18.7% of total perp trading volume, as platforms like Hyperliquid, Lighter, and Aster competed aggressively. Prediction markets also gained traction, with Polymarket and Kalshi attracting major institutional investments. However, spot DEX activity remained subdued and shifted across chains, with Solana-based volumes declining significantly while BNB Chain absorbed retail speculation. Composability also introduced systemic risks, as seen in the November collapse of Stream Finance, which triggered contagion across interconnected protocols. Overall, DeFi in 2025 moved toward a more sustainable equilibrium, with mature primitives and expanding institutional adoption setting the stage for future growth—though macro conditions and risk management remain critical.

比推12/22 22:54

2025: DeFi Completes Its 'Coming of Age', Three Turning Points Define the New Landscape

比推12/22 22:54

From U.S. Stocks to On-Chain: The Next Structural Opportunity Is Brewing

The article discusses the potential impact of tokenized US stocks on the cryptocurrency market, arguing against the view that tokenized equities will entirely drain liquidity from the crypto space. While acknowledging that some crypto funds may flow into tokenized stocks, the author emphasizes that asset tokenization (including stocks, bonds, and gold) could significantly increase on-chain asset volume. This, combined with crypto’s composability and potential improvements in scalability and privacy, may lead to an explosion in on-chain transactions—attracting not only crypto-native funds but also traditional stock market participants. The piece suggests that tokenized assets won’t remain static on-chain; instead, they will interact with DeFi, derivatives, prediction markets, and other crypto-native applications. This could create new opportunities and even new sectors, similar to how perps and prediction markets emerged in previous cycles. Although the era of broad "altcoin seasons" may be over, high-quality crypto projects—especially those in infrastructure like DeFi, oracles, privacy, digital identity, and wallets—could still thrive. The convergence of tokenized traditional assets and crypto composability might spark innovative combinations, such as crypto AI agents or new financial instruments. Ultimately, the author believes that the next cycle will bring new "version winners," distinct from past cycles, and that while the wild west of crypto is fading, significant opportunities remain for innovative projects that leverage on-chain liquidity and composability.

比推12/19 06:15

From U.S. Stocks to On-Chain: The Next Structural Opportunity Is Brewing

比推12/19 06:15

When U.S. Stocks Go On-Chain, Who Will Become the 'Version Prodigy' of the Next Cycle?

The tokenization of US stocks on-chain is not a one-sided threat that will drain liquidity from the crypto ecosystem, but rather a development that could significantly expand the overall on-chain economy. While some crypto-native funds may flow into tokenized traditional assets like stocks, bonds, and gold, the inverse is likely: new capital from traditional markets may also enter crypto due to increased accessibility. The composability of on-chain finance could lead to an explosion in decentralized exchanges, perps, prediction markets, and new hybrid applications. This may create entirely new crypto-native sectors, similar to how previous cycles introduced innovative categories like DeFi and perpetual futures. Although the era of broad-based “altseason” is over, high-quality crypto projects—especially those in infrastructure such as L1/L2 chains, oracles, privacy tech, digital identity, and wallets—will continue to see demand. The next cycle may produce new “version winners”: projects that leverage composability, attract external liquidity, and offer unique value not found in traditional finance. While returns may be harder to achieve compared to earlier cycles, crypto remains a space for financial innovation and asymmetric opportunities. The next breakthrough may come from unexpected places—perhaps from those building quietly today.

marsbit12/19 06:08

When U.S. Stocks Go On-Chain, Who Will Become the 'Version Prodigy' of the Next Cycle?

marsbit12/19 06:08

Tokenized Deposits vs. Stablecoins: The Future of Finance is Not Replacement, but Integration

Tokenized deposits and stablecoins represent complementary, not competing, visions for the future of finance. Banks create money through fractional reserve lending, offering low-cost credit to large clients in exchange for deposits—tokenized deposits extend this on-chain but remain within the banking system’s regulatory and operational framework. Stablecoins, like USDC or USDT, function as permissionless, 24/7 cash-like instruments ideal for global settlements, especially in cross-border payments. The future lies in interoperability: corporations may hold tokenized deposits for credit benefits while using stablecoins for efficient, off-ledger transactions. Smart contracts enable complex, multi-party financial workflows beyond what traditional APIs offer. Rather than one replacing the other, both tokenized deposits (for banking-integrated credit) and stablecoins (for borderless liquidity) will coexist on-chain, enabling a more efficient and accessible financial system. The key is building bridges between these models, not choosing sides.

深潮12/10 03:57

Tokenized Deposits vs. Stablecoins: The Future of Finance is Not Replacement, but Integration

深潮12/10 03:57

Why is Crypto the Key Infrastructure for the Large-Scale Adoption of AI Agents?

Why Crypto is Key Infrastructure for AI Agent Mass Adoption For AI Agents to become widely deployable autonomous software, they require two core capabilities: composability and verifiability. These are inherently lacking in traditional Web2 systems but are natively provided by cryptocurrency networks. AI's future lies not in isolated models but in agents that automatically call services, compose with other agents, write code, test, and execute decisions involving financial actions. This agent composability depends on verifiability—knowing another agent executed as promised. Web2 infrastructure (APIs and SaaS) fails here due to black-box operations, mutable data, unprovable results, centralized audits, and manual settlements. Cryptocurrency provides the missing verified base layer through: 1. Verifiable Execution: Smart contracts and ZK proofs enable transparent, provable on/off-chain actions. 2. Verifiable Identity: DIDs and signed agent code ensure trust and integrity. 3. Verifiable Value Transfer: Automated payments, revenue sharing, collateralization, and penalties enable direct fund management without intermediaries. As AI evolves from code generation to full-cycle automation (writing, testing, running, fixing), especially with real-world financial impact, crypto becomes essential. It enables automatic penalties for failures, rewards for contributions, multi-agent settlements, and trustless coordination—making AI economically viable beyond demos. In short: AI enables autonomy; crypto makes autonomy trustworthy. Without crypto's verifiability, AI agents cannot operate reliably at scale in the real economy.

深潮12/09 03:58

Why is Crypto the Key Infrastructure for the Large-Scale Adoption of AI Agents?

深潮12/09 03:58

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