flâneur

Building for crypto-native vs. building for crypto-adjacent

showerthoughts.substack.com · 1,551 words · saved by 1 readers

It’s 2025 and crypto is going mainstream. The GENIUS Act was signed into law and we finally have clear stablecoin regulation. Establishment institutions are adopting crypto. Crypto won! As crypto crosses the chasm, what this means for early-stage venture is we’re starting to see more crypto-adjacent projects than crypto-native projects. Crypto-native means projects built by crypto experts for crypto experts, and crypto-adjacent means projects using crypto in other bigger industries. This is the first time I’ve seen this shift happen in my career, and I want to discuss the key differences in what matters when building for crypto-native vs. building for crypto-adjacent. The most successful crypto products to date have almost all been built for crypto-natives: Hyperliquid, Uniswap, Ethena, Aave, etc. Like any fringe cultural movement, crypto has been such an avant-garde technology that people outside the crypto-native bubble didn’t “get it” and couldn’t be passionate daily active users. C

It’s 2025 and crypto is going mainstream. The GENIUS Act was signed into law and we finally have clear stablecoin regulation. Establishment institutions are adopting crypto. Crypto won! As crypto crosses the chasm, what this means for early-stage venture is we’re starting to see more crypto-adjacent projects than crypto-native projects. Crypto-native means projects built by crypto experts for crypto experts, and crypto-adjacent means projects using crypto in other bigger industries. This is the first time I’ve seen this shift happen in my career, and I want to discuss the key differences in…

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