Since protocol-level services become interchangeable, crypto firms are forced to compete on efficiency and scale. Well, this reasoning also applies to crypto firms. Building Crypto’s Industrial Supply ChainThe most valuable crypto businesses, far from being standalone software products, are now turning into sophisticated operational systems. From bare-metal hardware and energy procurement, through validators, staking infrastructure, liquidity networks, custody, and compliance, all the way to regulated financial products delivered to end users. In other words, the most valuable crypto companies may come to resemble industrial conglomerates more than tech startups.