: : [Crypto/Article] Why Crypto Businesses All Look the Same Now
Written by 100y

- Many of crypto’s onchain experiments are shutting down or pivoting without ever proving PMF, and that trend has become even clearer in 2026.

- The onchain market is increasingly polarizing between areas that absorb speculative demand, such as memecoins, perpetual futures, and prediction markets, and areas connected to the real economy, such as stablecoins, RWAs, and vaults.

- As the number of viable markets narrows to a handful of categories, companies that started from very different positions, including Coinbase, Robinhood, MetaMask, and Kalshi, are converging on the same product stack: perpetual futures, prediction markets, memecoins, stablecoins, and RWAs.

- This does not mean the end of onchain-native businesses. Just as a few sectors have matured and proven independent product-market fit, new categories can still emerge through experimentation and develop into sustainable markets.

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