Cross-chain fragmentation is not just a technical issue; ultimately, it is eating away at our capital efficiency.

Just look at the current situation. In a multi-chain environment, price discovery is not efficient enough, which means that in the long run, you will invisibly lose 1-3% of your returns. Coupled with cross-chain transfers, bridging, and various wrapping operations, the cost of a single transaction accumulates to 2-5%.

These numbers may not seem large, but from another perspective—this is the continuous wear and tear of capital as it flows between different chains. Every operation erodes your position, and this structural cost is not an occasional phenomenon but an inherent problem of the multi-chain ecosystem. Capital efficiency is being consumed layer by layer, and that is the real pain point.