According to @kwok_phil, a wave of newcomers is entering crypto, but the core advantage comes from permissionless composability of on-chain primitives and assets rather than a single asset issued on its own chain. Source: @kwok_phil on X, Aug 13, 2025. For traders, this view directs attention to ecosystems where protocols and assets can be combined freely, enabling multi-leg on-chain execution and deeper liquidity routing. Source: @kwok_phil on X, Aug 13, 2025. Conversely, isolated single-asset chains offer less leverage for composable strategies, making them less aligned with this thesis when screening venues and tokens. Source: @kwok_phil on X, Aug 13, 2025. Near-term focus: prioritize platforms demonstrating strong cross-protocol interoperability and permissionless access when evaluating risk, liquidity, and potential yield. Source: @kwok_phil on X, Aug 13, 2025.