Pinned
Great take. "Crypto is dead." "DeFi is over." "TradFi wins" is something I've heard a lot lately.
The four-industry frame is the right read of where we actually are. The more interesting question is how they work together, and what has to get solved for all four to keep
crypto is no longer one industry —
it's at least 4:
1. stablecoins + payments
2. Bitcoin, crypto asset class
3. tokenization + onchain financial services (defi)
4. blockchain infrastructure
they are of course inter-related. but increasingly divergent in context
which is part
