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DIGITAL ASSETS PREMIUMDecember 5, 2024 2 min read

Crypto Infrastructure: Beyond the Hype

Separating signal from noise in crypto infrastructure. We analyze which layer-1 blockchains, scaling solutions, and infrastructure plays have sustainable business models beyond speculation.

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Executive Summary

The crypto infrastructure landscape has matured significantly since the 2021 bubble. While retail speculation has cooled, institutional adoption of blockchain infrastructure continues to accelerate.

We identify three categories of sustainable crypto infrastructure businesses:

  1. Settlement layers (Bitcoin, Ethereum)
  2. Enterprise blockchains (Avalanche subnets, Polygon CDK)
  3. Infrastructure services (Coinbase, Circle, Fireblocks)

The Infrastructure Thesis

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