Why crypto's best infrastructure companies stopped looking like crypto?
The article explores why decentralized infrastructure (DePIN) companies are moving away from crypto-native models toward traditional business structures. It argues that the original model of incentivizing crowdsourced hardware via tokens is failing, leading companies to restructure as standard service providers.
Why it matters
This signals a potential maturation or pivot in the blockchain industry, suggesting that 'crypto-native' business models may be unsustainable for long-term infrastructure.
Why crypto's best infrastructure companies stopped looking like crypto?
Every infrastructure sector in modern history developed using the same playbook. Someone builds raw capacity ahead of demand. The raw resource commoditizes and gets cheaper forever. And the money moves to whoever sells guaranteed, contracted service on top of it. So far, cloud ran it, telecom ran it, even chip makers did it to an extent. Crypto infrastructure is attempting to repeat it right now.
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