The Return of Corporate Blockchains | Roundup

Bullish:

• $MIDDLEWARE - Middleware service providers that help corporate applications connect to public blockchains will capture significant value as the infrastructure stack evolves away from vertical integration

  • “I think ultimately all of that is going to collapse into essentially service providers that sit on top of Ethereum or Solana or other public chains and help these applications get what they want, which is the free stuff from the public chain”

    Mike·1:06:59
• $ETH - Ethereum's core value proposition of neutrality and protection against counterparty risk makes it essential infrastructure that corporate chains cannot replicate

  • “I think we're building a whole bunch of new financial apps, and the core innovation of blockchain is innovating on counterparty risk and will you rug me? Are you going to screw me? And blockchains afford you the ability to say, actually, you're not going to get rugged or screwed due to political or strategic reasons”

    Mike·1:03:06
• $MONAD - Monad represents a strong public permissionless chain with exceptional talent, professional team, and strong ecosystem development

  • “the Monad team, very strong talent. You know? Like, you you speak with anyone at Monad, very professional. Like, tech is also great, but they're super supportive. Ecosystem development, all great”

    Xavier·1:14:00

Bearish:

• $OVERCAP - Heavily funded blockchain projects face an inverse correlation between capital raised and success, as excessive funding reduces focus and prevents good strategic decision-making

  • “Money is not correlated to success in crypto at all. In fact, there's probably a pretty strong inverse correlation there”

    Mike·1:15:50
• $PERMCHAIN - Permissioned corporate chains will struggle because talent is the finite resource in crypto, not capital or infrastructure, and top talent gravitates toward public chains

  • “I think talent is everything in crypto. There's only limited that's really the finite resource in crypto is talent, not blockchains, not infrastructure”

    Xavier·1:14:00
• $TEMPO - Tempo's addressable market is fundamentally limited as competitors won't build on rival-owned infrastructure, restricting it to non-competitive partners only

  • “Fidelity is not going to deploy RWAs on Robinhood's chain. Tempo has an extremely impressive list of design partners, but not a single one of them are Stripe competitors”

    Myles·40:51
• $VERTINT - Vertical integration strategies in blockchain will fail as mature value chains naturally disaggregate, with companies focusing on core competencies rather than owning entire stacks

  • “Just because you can do everything or you have the opportunity doesn't mean that you do. And if you look at virtually any mature value chain in the world, it's not entirely vertically integrated”

    Mike·45:00