The race to unified liquidity is basically over — what’s next?

Looking at recent TVL movements (Mantle passing Sui/Avalanche, Sui launching Hashi for BTC), feels like the industry has accepted that liquidity fragmentation across chains is THE problem to solve.

The winners are the ones building middleware — aggregators that route across chains so users don't have to think about bridges. It's becoming like how you don't think about which payment rail handles your credit card.

Curious what people think comes after aggregation matures. Does it become pure commoditized infrastructure? Or is there still alpha in execution quality?

Been looking at a few cross-chain aggregators (SODAX, LI.FI, Rango) and they all seem to be converging on similar approaches — scan liquidity everywhere, route automatically, hide the complexity. The differentiation seems to be in how many chains they cover and execution speed.

What are you watching in this space?