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Visa and Mastercard each operate over 130 crypto-related projects, which sounds impressive. But what is the reality? Visa's share of on-chain coupon transactions exceeds 90%.
Numbers don't lie. The key isn't how many projects there are, but who has secured the lifeline of the infrastructure. Early entry and deep integration with underlying infrastructure are the core reasons for dominating the entire market. Most later entrants, no matter how many projects they pile up, find it difficult to shake the established network effects and market advantages. This story has been repeatedly played out in the process of traditional finance migrating to Web3—Infrastructure is king.
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No matter how many projects pile up, it's useless; the pipeline has already been locked.
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To put it simply, it's the Matthew Effect; Visa made this move early.
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Web3 can't escape this either; whoever controls the infrastructure is the boss.
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Latecomers, no matter how hard they try, are just working for others.
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No wonder everyone still has to use Visa; there's no other way, the ecosystem is already set.
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That's why I'm not very optimistic about most new projects; the overall pattern has long been determined.
Having many projects is useless; the real moat lies in the underlying layer. No matter how much latecomers try to tinker, they're just paving the way for others.
That's why everyone is rushing to secure L1 and cross-chain bridges. Whoever lays the pipeline first will have to collect tolls from everyone else.
Once the network effect kicks in, it creates a crushing advantage. Don't even think about moving Visa's current position.
It seems that the tuition for Web3 is really expensive; it's just repeating the old tricks of traditional finance.
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So ultimately, it's about controlling the pipeline. No matter how many projects there are, it's all superficial
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Traditional financial giants play this game. They entered early and secured their position; latecomers can never catch up
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Once network effects are formed, they are dead; even if others innovate, it's hard to break the deadlock
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It seems impressive to have over 130 projects, but in reality, 90% of the trading volume... haha
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That's why infrastructure is the most valuable; honestly, it's much more attractive than the application layer