According to a revealing report recently published by the analysis firm Delphi Digital, the digital asset industry is officially entering an aggregation era characterized by fierce competition among platforms. This paradigm shift suggests that true market power no longer resides exclusively in the underlying base protocols, but in those entities that manage to own and handle the direct relationship with the end user from their very first connection.
The study details how major exchanges are quietly evolving to become integral distribution layers, covering everything from trading and payments to on-chain applications and yield generation. In this new scenario, giants like Binance are betting on a monolithic “super app” strategy, attempting to replicate the success of the “one interface, infinite utility” model popularized by WeChat in Asia, consolidating services like trading, lending, and payments into one dense place.
On the other hand, competitors like Kraken have opted for a diametrically opposite approach, described by Delphi as a federated “constellation” model that separates the user experience. Instead of forcing all customers to use a single saturated application, Kraken is launching specialized interfaces like Inky for memecoins and entertainment, in addition to Krak for remittances and stablecoin payments, maintaining a shared backbone of liquidity and custody.
Who will finally control the digital gateway for the next massive wave of users?
This phenomenon responds to the need to adapt the “super app” vision to Western user experience (UX) preferences and a clearer regulatory environment. The transition toward this consolidation phase implies that platforms are no longer just competing for trading volume, but to become the default portal for the entire ecosystem. Thus, Coinbase and OKX are also advancing toward distribution layer roles, integrating smart wallets and access to the decentralized web directly into their centralized offerings.
Likewise, what is at stake transcends the launch of new products; it is a strategic battle to control the discovery of third-party applications and protocols. An all-in-one super app model centralizes risk and oversight offering unmatched convenience, while the multi-app model distributes interfaces, but maintains ironclad control over the underlying infrastructure and distribution rails that connect the user to the market.
Finally, the design that prevails in this contest will largely determine who becomes the default distribution layer of the next bull cycle. As the industry matures, the ability to offer a seamless experience that integrates cryptocurrencies, traditional finance, and decentralized applications will be the decisive factor in capturing the next hundred million users entering the digital economy.
