26 Years of Decentralized Business Models: Liquidity Disguised as a Public Good vs. Security and Stability Disguised as Decentralized Products 1. Uniswap eliminated front-end fees, ushering in the era of in-protocol fees. Ethereum increased the packaging fee for L2. The logic of public goods is gradually shifting towards commodity logic. 2. Hyperliquid's builder code encourages front-end fees. Commodities based on centralized liquidity as their business logic. 3. Mercenary liquidity, packaged with VC as credit backing and non-TGE as expectation, will continue to shine. Path dependence and arbitrageurs have not disappeared. 4. 26 years is the decentralized era of cash flow commodities. Regardless of the expectation or method, as long as the money can be collected, it can be verified on-chain, and wallet address multi-signature is sufficient.