The future of onchain liquidity looks something like this:

> Native token and stable/stable pairs managed by the foundation on a CLOB

> Long-tail liquidity handled by third-party teams

This model ensures deep, reliable liquidity for core assets - without burning capital on incentive wars - while letting third parties compete to support new tokens

Hyperliquid and Sui understood this early

Newer L1s like @N1Chain are building their own CLOBs and I expect this model to become the standard going forward