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Infrastructure
Research and analysis covering blockchain infrastructure, protocols, developer tools, scalability, and foundational Web3 technologies.
Article9 min read
Is Distribution Everything? The War for Margins in Crypto
A deep dive into how Coinbase, Stripe, and Kraken are reclaiming margins by owning infrastructure instead of renting it. The battle for value capture is shifting from protocols to distribution, while multi-chain protocols like Morpho and Uniswap fight to remain indispensable.
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