Imagine you are living in the 1990s. Nasdaq and NYSE were not just places to trade stocks. They were symbols of American finance. But now, few care where their stocks are listed. What matters more is what assets you own.
In the world of crypto, the same is happening.
Blockchain: From Technology to Assets
Initially, layer one (L1) blockchains competed on technology. Solana stands out with low fees and fast speeds. Ethereum leads in decentralization and security. But now, technology has become the standard. Users choose blockchains not for technology, but for the assets they can trade on them.
Decentralized Nasdaq is Taking Shape
Nasdaq and NYSE compete by attracting large companies to list their stocks. Blockchains do the same. The platform that attracts the most appealing assets will win:
Solana: Positions itself as the "decentralized Nasdaq" with interesting memecoins.
Hyperliquid: A new competitor with gas-free trading, high speed, and the promising HYPE token.
The competition is no longer about technology. Instead, where valuable assets are, that is where the center will be.
New Competitors in the Race
The list of blockchains is getting longer: Base, Monad, Abstract, MegaETH, Aptos, SUI, Near. They all want to become the destination for valuable assets.
A prominent example is Hyperliquid. With a centralized limit order book (CLOB) mechanism, this blockchain not only improves technology but also meets the efficient trading needs of investors.
Blockchains Will Become Invisible
Today, few care which exchange their stocks are traded on. In the future, crypto will be the same. Blockchains will gradually become invisible. Users will only care about the assets they own: coins, tokens, or NFTs.
But this raises a question: Can blockchains maintain a sustainable differentiation like Nasdaq or NYSE?
Challenges with Layer One Blockchains
Nasdaq and NYSE do not only rely on attracting listed companies. They make money from trading data, ancillary services, and brand licensing. These are diverse revenue sources that help them sustain.
Layer one blockchains lack these tools. They only attract assets, but that's not enough. For example, Solana is called the "decentralized Nasdaq" but its valuation is 2.5 times that of Nasdaq. This is a sign of expectations far exceeding reality.
The Future Belongs to Assets
Success in crypto is no longer about blockchain technology, but about the assets it supports. The blockchain that attracts the most appealing assets will become the center.
However, to achieve this, blockchains need to learn from stock exchanges: provide value not only through technology but also through organization, services, and differentiation.
Conclusion
The competition between blockchains is entering a new phase. Success is no longer determined by speed or transaction fees, but by the ability to attract valuable assets.
How blockchains compete will not only change them but also reshape how we perceive and use crypto.
The future, as always, belongs to assets – and those who can see far.