The current multichain landscape is highly fragmented.
(insights from Ivan Miskovic, Founder @ Cytonic)

There are thousands of blockchains each running on incompatible virtual machines (VMs) like: EVM, SVM, Wasm & others like Cardano, and Algorand.

Because each VM is its own isolated execution environment, apps built on one chain can’t run on another.

Example: A DeFi app on Near doesn’t work on Ethereum. A dApp on Cardano can’t launch on Solana without rewriting its entire architecture.

This has led to:

🚧 Developer lock-in
💀 10,000+ DeFi projects becoming obsolete
🔗 Broken liquidity & fractured user bases

Worse, “bridging” doesn’t solve this, it just locks assets on one chain and unlocks them on another, with confusing UX and security trade-offs.

Result?
Users retreat to centralized exchanges that abstract all this chaos - holding 70–80% of crypto's user base.