🥛 Data availability: crypto’s next frontier 👨‍🚀

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Ethereum was launched a decade ago, but it took the market six years to fully grasp the potential of smart contract platforms (SCPs).

We say six years because that’s when SCPs truly started to take off across the industry.

Back in 2021, all major SCPs outperformed the total crypto market cap.

PS: this is not even counting major winners like Solana, which would completely throw off the readability of this chart. 🤣

The exact performance of each smart contract platform isn’t the point. What matters is that the market recognized their potential and started pricing it in.

👉 The concept of offering general blockspace to power an entire ecosystem of applications was simply too groundbreaking to ignore.

At the time, we had only a basic understanding of blockchain design. We knew speed and low costs were crucial, but beyond that, everything else was still evolving.

Some might argue it’s still a work in progress, that the ideal model hasn’t been found.
But we’re here to tell you—we just might have cracked the code.

So if general blockspace is no longer the future, what is?

It’s data availability (DA)—the next evolution of blockchain infrastructure. 

Think of DA as data from blockchain activity that needs to be posted somewhere, allowing anyone to verify the blockchain's accuracy. More about that later. 

Now, before we dive into why this shift is happening right now, let us show you a chart that illustrates how we see this transition unfolding.

Right now, general blockspace is used far more than DA—and the reason is simple.

When you use general blockspace like Solana or Ethereum mainnet, you instantly tap into existing liquidity and users. 

These are the hardest things to acquire and the biggest hurdle for any new blockchain.

But that’s about to change.

Imagine having your own blockchain or Layer 2 that seamlessly communicates and interacts with other chains. 

All you need to do is use the same DA “provider”.

That’s the inflection point on the chart—the moment everything starts to shift. We believe that moment is just around the corner, and we’re getting ready for it.

Are you?

If not, don’t worry. Today, we’re sharing our full thesis on the modular future—so you can stay ahead and not get left behind.

This might be one of the most important reports we’ve written in a long time. Why? Because most investors aren’t positioned correctly for the future we’re about to lay out.

Could we be wrong? Of course. 

👉 But first, we’re not saying you should completely reshape your portfolio—diversification is always key.
👉 Second, seeing this perspective can help you make better investment decisions as crypto continues to evolve.

But if we’re right, oh boy, we’ve got one massive opportunity in front of us! 🚀

So, without further ado, let’s dive in!

WHERE WE ARE TODAY

Let's start by setting the stage for where things stand today. 

A great way to measure this is by looking at which blockchains hold the most stablecoins. 

Stablecoin supply serves as a strong indicator of where users are and where the most activity is happening.

Nearly 90% of all stablecoins are concentrated on just four blockchains—Ethereum, Tron, Solana, and Binance Smart Chain.

What does this tell us—Is there a lesson here?

Yes, there is—these are all integrated blockchains, and that makes a huge difference. 

Because they come with everything a startup or a new project needs—users, liquidity and infrastructure—all in one place. 

Instead of starting from scratch, projects can plug in and start growing from day one.

For startups, this is a game-changer. Instead of spending time and resources building their own blockchain, they can focus on what truly matters—their product.

Think of it like opening a food truck. Would you rather set up in a bustling city square packed with hungry customers or on a deserted street with no foot traffic? The choice is obvious. 

The same goes for launching on a blockchain—why build your own from scratch when you can tap into an ecosystem that’s already thriving with users and liquidity?

In short, launching on a thriving blockchain isn’t just a technical choice—it’s a strategic move. 🚀

So, this is where the market stands today—most activity is happening on integrated chains since that’s where users and liquidity are already concentrated.

But the real question is—where is the market heading next? 

INTEGRATED BLOCKCHAINS AS LAUNCHPADS

For startups, using an existing integrated blockchain makes sense—up to a point.

Think back to our food truck analogy. At first, setting up in a busy square helped you attract customers and build a reputation. But as your business grows, you might start thinking bigger—like opening your own restaurant.

The same applies to crypto projects. Maybe it’s best to look at how startups evolve through different stages in their lifecycle. 

These are the key stages every startup goes through, each with its own priorities and focus. 

1/ MVP (Minimum Viable Product) – In the beginning, speed is everything. The goal is to launch fast, gather feedback, and improve. Instead of building everything from scratch, use existing tools and ready-made solutions to get up and running quickly.

2/ PMF (Product-Market Fit) – This phase is all about refining your product based on real user feedback. Keep iterating until your customers truly love what you offer.

3/ Growth – Your product is solid, and you’ve built a user base. Now it’s time to scale. Focus on acquiring more users and increasing revenue—growth is your main KPI.

4/ Maturity – You’ve made it. Your product has a strong user base, and now it’s time to optimize for profitability. Cut unnecessary costs, minimize value leakage and focus on sustainable success.

This perspective helps us better understand what startups need at different stages.

Many startups begin with an integrated blockchain because they let them launch quickly, gather market feedback, and iterate on their product efficiently. Again - speed is key in the early days.

However, once startups achieve PMF and begin scaling, they start running into limitations—lack of control over the blockchain they rely on, value leakage, or network congestion.

That’s when many successful apps start considering their own chains, driven by two key reasons:

💰 Financial incentives – To capture more value from the activity they generate and maximize profits.

⚙️ Product incentives – To gain greater control over blockspace, allowing them to optimize their infrastructure and deliver a better product.

These are strong motivators for launching a dedicated chain—and it’s not just theory, it’s already happening.

And these are multi-billion dollar projects, some worth tens of billions. When players of this scale make a move, it’s a strong signal the industry needs to take seriously.

Now we understand why major projects like Uniswap and Ethena are moving away from integrated chains. These blockchains served their purpose in the early stages, but as these projects scale, they need more control and efficiency—driving them to launch their own chains.

👉 We believe this trend will continue to gain momentum—and that’s where the real opportunity is.