Bell Curve Platforms in Crypto: The Next Phase of Crypto Growth | Roundup
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Dec 5, 2025 Myles O'Neil, a seasoned crypto practitioner and platform-builder, teams up with Xavier Megan, an investor focused on product strategies in crypto. They dive into defining platforms in the crypto landscape, debating the practicalities of viewing chains like Ethereum and Solana as tech platforms. Key discussions explore the trade-offs between product-led and developer-led growth, the challenges in scaling ecosystems, and the shifting dynamics of platform value, concluding that opinionated strategies are more effective in today’s market.
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Cosmos' 'Internet Of Blockchains' Failed To Attract Apps
- Xavier recounts Cosmos' internet-of-blockchains vision failing because chains lacked differentiated apps and real user demand.
- He praises Hyperliquid as an example that found product-market fit first, then built platform properties.
Wedge First: Product Or Developer Capability
- To become a platform, either build a product that acquires users first or enable a genuinely new developer capability as a wedge.
- Start narrowly with a clear capability edge and showcase high-leverage examples to attract developers.
Land-Grabs Burned Out Developer Demand
- The L1 land-grab playbook has diminishing returns as many chains created low-quality forks and adverse selection among developers.
- Consumer users must come first; products that attract users create organic demand for third-party developers.