Unchained Companies Are Competing to Bring Crypto to the Masses. Who Is Best Positioned? - Ep. 889
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Aug 21, 2025 
Brandon Millman, CEO of Phantom, champions user experience in crypto, while Luca Netz, CEO of Pudgy Penguins, aims to make crypto more accessible through character-driven IP. They explore the shift from speculation to mass adoption in crypto, debating who will capture the next hundred million users. Key insights include the importance of distribution, the payments race, and how established firms like Robinhood are reshaping competition. Both guests emphasize the need for innovation and user-focused applications to thrive in the evolving ecosystem.
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From Infrastructure To Product-Led Adoption
- Brandon argues crypto has shifted from infrastructure-building to user and product focus as adoption surges.
- He says improved blockchain tech, dev tools, and regulation enabled a runway-train effect now bringing users and value.
Inflection For Result-Driven Entrepreneurs
- Luca calls this an inflection where top entrepreneurs will drive product-led, revenue-focused crypto companies.
- He predicts power-law outcomes replace speculative wins and result-driven startups will dominate.
Phantom's Origin Story From Twitter To Wallets
- Brandon shared he joined early Twitter and later 0x, learning large-scale product and that wallets were the highest-leverage entry point.
- That insight led him to build Phantom as a better wallet to fix conversion bottlenecks.