Understanding the 13 layers of crypto infrastructure—from L1 blockchains to developer tooling. A foundational analysis of the entire landscape.

The Crypto Infrastructure Stack: A Complete Map

Infura serves 400,000+ developers with production infrastructure. After sunsetting Truffle/Ganache (local development tools) in September 2023, Consensys's developer tooling stack covers production but not pre-production testing—Infura provides RPC¹ access to public testnets² but not private, configurable test environments. An acquisition could extend that developer relationship earlier in the lifecycle, giving teams a seamless experience from testing through deployment.

Bloctopus is a seed-stage blockchain developer infrastructure company providing on-demand private testnets with native cross-chain protocol support.

Consensys should vertically integrate cloud staging capability into its developer stack through acquisition. The goal is filling a gap in Consensys's own stack so developers using Infura and building on Linea have a complete, integrated experience.

Proceed with formal due diligence. Based on publicly available information, Bloctopus appears strategically relevant. However, this case study cannot assess:

A formal due diligence process should evaluate these factors before any offer.

RPC (Remote Procedure Call): The communication protocol that allows applications to interact with blockchain networks. Alchemy and Infura are "RPC providers"—they run blockchain nodes and let developers connect via RPC endpoints instead of running their own nodes.

Testnet: A blockchain network used for testing that mirrors mainnet behavior but uses worthless test tokens. Public testnets (like Sepolia) are shared by all developers; private testnets are isolated environments for individual teams.

Layer 2 (L2): Scaling solutions built on top of Ethereum (Layer 1) that process transactions off the main chain for speed and lower costs, then settle back to Ethereum for security. Examples: Arbitrum, Optimism, Base, Linea.

Executive Summary

Alchemy

Consensys

QuickNode

Tenderly

BuildBear

Bloctopus

Web3 Infrastructure Market

Developer Experience Drives Ecosystem Growth

The Web3 Developer Journey

If step 2 is painful (faucet hunting, unreliable public testnets, no debugging), developers leave for better-tooled ecosystems or use competitor platforms.

Developer Tooling Stack

Industry Overview and Competitive Analysis

MetaMask: The dominant Ethereum wallet with 30M+ monthly active users. Recent launches include MetaMask Card (Mastercard partnership, Aug 2024), mUSD stablecoin (Aug 2025), and Perps trading (Oct 2025).

Infura: RPC/node infrastructure serving 400K+ developers. Recently launched DIN (Decentralized Infrastructure Network) on EigenLayer with 50+ node providers including Microsoft and Tencent.

Linea: Consensys's zkEVM Layer 2 scaling solution. Live since July 2023, with token launch planned for 2025.

CEO Joe Lubin has articulated a strategy of converting products into decentralized protocols before issuing tokens. The sequence: Linea token first (governance/utility), then potentially DIN token, then potentially MetaMask token. Each product follows a path from centralized service → decentralized protocol → token-based governance.

This has implications for any acquisition: acquired capabilities should fit into this decentralization trajectory.

Understanding Consensys's existing developer tools is critical to identifying where an acquisition fits.

Production (Mainnet)

Node/RPC Access

Cloud Staging

Local Development

Consensys Developer Tooling Stack

Industry vs Consensys Comparison

Infura does NOT provide: private/virtual testnets, mainnet forks⁴, configurable test environments, unlimited test tokens, team collaboration features, or transaction debugging/simulation.

This is the gap that an acquisition would fill.

Mainnet Fork: A snapshot copy of a live blockchain's state at a specific block. Developers can test against real DeFi protocols and token balances without risking real money. The fork connects to an RPC provider and fetches state on-demand as you interact with contracts.

Consensys Overview

Consensys operates at two layers of the developer stack: RPC infrastructure (Infura) and Layer 2 (Linea). Cloud staging sits between local development and production—a natural extension that would give developers a continuous experience from testing through deployment without leaving the Consensys ecosystem.

The strategic logic is retention: developers who use multiple integrated services are less likely to switch providers.

Production

RPC Access

Local Dev

Where Bloctopus Fits in Consensys's Stack

The core value proposition isn't convenience—it's capability. Cloud staging enables workflows that local tools can't replicate:

Cloud staging is an emerging category within Web3 infrastructure. Unlike RPC services—where Alchemy, Infura, and QuickNode have established positions—the staging layer remains fragmented with no clear consolidation. This creates a window for strategic positioning before the category matures.

Additionally, multi-chain development is becoming standard as L2 adoption accelerates. Tools that support cross-chain workflows natively—rather than requiring manual configuration—are increasingly valuable to development teams.

Underserved Market: Solo Developers and Small Teams

There's a gap in the market worth noting:

No truly free cloud staging exists. Solo developers and hobbyists are forced to either use local forks (free but no persistence, no collaboration), suffer through public testnets (free but faucet pain), or pay $25-42+/month (expensive for hobby projects).

Strategic opportunity: Infura's distribution strategy has always been generous free tiers that capture developers early. If Consensys acquired Bloctopus and offered a genuine free tier for cloud staging—the way Infura does for RPC—they could capture the underserved solo developer and hobbyist segment.

The strategic rationale is vertical integration—filling the staging gap to keep developers in the Consensys ecosystem throughout their workflow.

Consensys Developer Stack: Before & After Acquisition

Strategic Rationale

Illustrative Build Cost Estimate (24-month timeline)

When accounting for execution risk, time-to-market, and relationship value, buying likely offers better risk-adjusted value than building—assuming acquisition price falls within a reasonable range.

Recommendation: Buy. Now let's look at the target.

Build vs Buy Analysis

Core offering: On-demand private testnets for blockchain development

Differentiator: Cross-Chain Protocol Integration

Bloctopus has built integrations for LayerZero, Wormhole, and Chainlink CCIP. This allows developers to test cross-chain apps (e.g., an app that sends messages from Ethereum to Avalanche via LayerZero) in a single integrated environment, rather than manually configuring separate testnets for each chain.

Why this matters: As the industry moves multi-chain (L2 rollup explosion, cross-chain DeFi), developers need testing environments that support cross-chain workflows natively. Tenderly requires manual setup for cross-chain scenarios.

Key distinction: LayerZero, Wormhole, and Chainlink CCIP are production infrastructure that apps use in their deployed code. Tenderly and Bloctopus are development/testing environments where you test apps (including apps that use these protocols) before deploying to production.

Bloctopus positions itself as "Firebase for the chain" — aiming to abstract away infrastructure complexity the way Firebase did for mobile/web development.

Note: These are company marketing claims. Validation would require customer interviews and usage data.

Til Jordan

Anisha Goel

Team size: 6 employees (per PitchBook). As a University of Southampton spinout via Future Worlds incubator, the founding team has academic research backgrounds. The company has been operating since 2022, giving the team ~3 years of product development experience.

Small team size means high dependency on founders. Retention packages and earnouts would be critical to any acquisition structure.

Bloctopus has attracted attention from industry-leading organizations:

Traction validation requires direct engagement with the company. Public information is insufficient to assess product-market fit.

Target: Bloctopus

Additional investors: Techstars, IronKey Capital, and angel investors including founders from Brevan Howard, Quantstamp, Cred Protocol, Nexus Network, and Airside Labs.

Implied post-money valuation: Typical pre-seed rounds at $1M investment imply $5-8M post-money valuation (12.5-20% dilution standard).

Seed-stage companies are difficult to value using traditional methods (DCF, comparable multiples) due to lack of revenue and uncertain growth trajectories. Acquisition pricing typically considers:

The strategic rationale translates into quantifiable value. While precise figures require commercial diligence, we can model directional estimates using industry benchmarks.

Infura's 400,000+ developers represent a built-in distribution channel. Developer-focused SaaS tools typically see freemium-to-paid conversion rates of 1-3% (OpenView Partners, 2023):

Even the conservative case (1% at $25/mo) generates $1.2M ARR from a captive audience with no new customer acquisition spend.

Web3 has a developer retention problem: ~16% retention after 30 days (Token Terminal) vs 42% for typical mobile apps. Complex onboarding drives developers away before they ship.

If integrated Linea-first tooling improves developer retention by just 10%:

These synergies are additive to standalone value and would inform acquisition pricing. Validation requires diligence on Infura engagement rates and Linea developer funnel data.

Consensys's recent acquisitions provide reference points:

Deal terms were not publicly disclosed. However, the pattern suggests Consensys acquires small teams (10-25 employees) with specialized infrastructure capabilities.

Valuation cannot be determined from public information. Financial diligence required to assess: cap table structure, burn rate, runway, and any outstanding obligations.

Valuation & Deal Considerations

Phase 1: Standalone Operation (Months 0-3)

Objective: Maintain service continuity, retain team

Deliverables: Zero service disruption, team retention agreements signed, technical integration roadmap.

Phase 2: Infura Backend Integration (Months 3-6)

Objective: Leverage Infura's RPC infrastructure

Deliverables: Unified RPC layer, Linea testnet support, integrated billing.

Phase 3: Unified Developer Experience (Months 6-12)

Objective: Single pane of glass for developers

Deliverables: Unified Infura developer dashboard, Linea-first developer onboarding, marketing campaign.

Phase 4: Ecosystem Expansion (Months 12-18)

Deliverables: Expanded chain support, enterprise offering, growth metrics.

Phase 5: Decentralization Path (Months 18+)

Objective: Align with Consensys's "protocolization" strategy (centralized service → decentralized protocol → token governance)

Infura's DIN provides the model: 50+ node providers, EigenLayer restaking for accountability, 13B requests/month. A "DIN for Testnets" could follow the same pattern:

This phase is speculative and depends on protocol maturity. But it demonstrates Bloctopus could fit Consensys's decentralization trajectory.

Integration Plan

Risk: Bloctopus is seed-stage with limited proven scale.

Mitigant: Strategic value exceeds financial metrics at this stage. Product is live and functional. Acqui-hire component provides value even if product pivots. Small deal size limits downside.

Risk: Integrating with Infura infrastructure may be harder than expected.

Mitigant: Bloctopus designed for interoperability. Can operate standalone while integration proceeds. Phased approach limits risk.

Risk: Small team means high reliance on founders.

Mitigant: Retention packages with vesting. Earnouts tied to milestones. Integrate into larger Infura engineering org over time.

Risk: Established players have significant funding and market presence.

Mitigant: This is about filling Consensys's own gap, not winning market share. Cross-chain differentiation creates a distinct niche. Captive Infura/Linea user base provides built-in distribution.

Risk 5: Multi-Chain Thesis Doesn't Pan Out

Risk: Industry consolidates to fewer chains; cross-chain testing less valuable.

Mitigant: Core staging capability valuable regardless. L2 proliferation continues (Arbitrum, Optimism, Base, Linea, zkSync). Even single-chain staging fills Consensys gap.

Risk: We cannot assess technology quality from public information.

Mitigant: This is exactly why recommendation is "proceed with diligence" not "make offer." Technical due diligence is critical pre-acquisition step.

Risks & Mitigants

Recommendation: PROCEED WITH FORMAL DUE DILIGENCE

This case study identifies a strategic opportunity based on publicly available information. To make an informed acquisition decision, Consensys should conduct formal due diligence covering:

Recommendation

Document prepared December 2025. All information from publicly available sources.

Appendix: Sources

Strategic Analysis for Consensys Developer Tooling Vertical Integration

Strategic M&A Case Study for Consensys Developer Tooling

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