The two major wins from this last cycle Hyperliquid and Ethena core mechanics were not driven by composability

Hyperliquid is its own isolated perp dex

Ethena's yield is from offchain basis trades

Now that they have distribution, they're adding *back* composability. Hyperliquid with its own EVM L1, and Ethena with Converge network

Interestingly both sourced their initial liquidity from the Ethereum ecosystem. Hyperliquid from Arbitrum One and Ethena on mainnet