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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Defining What A Platform Really Is
- A platform is a programmable system that third-party developers can customize, delivering two-sided network effects and increasing returns to scale.
- Useful litmus tests: remove third-party apps, check if internal teams compete with externals, and see if others make more than you.
Think Tech Platform, Not Monetary One
- Treat modern chains pragmatically as technology platforms rather than pure monetary platforms when building and evaluating ecosystems.
- Follow traditional tech platform playbooks because they remain the most practical route for developer adoption today.
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.