The Crypto Infrastructure Stack: A Complete Map

Why Map the Stack?

Just as the internet runs on a layered protocol stack—TCP/IP, HTTP, TLS—crypto and blockchain operate on their own infrastructure stack. Understanding this stack is essential for anyone evaluating the space: investors, builders, job seekers, or corp dev teams.

The networking world has the OSI model. Seven layers, from physical cables to application protocols, each building on the layer below. Crypto has something similar, though less formalized. I've identified 13 distinct layers, from base settlement (L1 blockchains) all the way up to developer tooling.

This isn't just an academic exercise. Mapping the stack reveals:

• Where value accrues: Which layers capture the most revenue and why
• Competitive dynamics: Who's winning in each layer and what moats exist
• Platform positioning: Which companies are trying to own the full stack vs. specializing in one layer
• Strategic gaps: What's missing from major players' portfolios
• Investment opportunities: Where the infrastructure is immature

I've compiled market data, key players, and strategic insights for each layer. The goal is to give you a clear mental model of how everything fits together.

The Complete Stack

Click any layer to expand and see the key players, market data, and strategic insights.

Platform Players: The Vertical Integrators

The 13 layers above describe infrastructure—the building blocks. But the biggest players in crypto don't occupy a single layer. Coinbase, Crypto.com, and Binance are vertically integrated platforms that bundle multiple layers into a single product experience.

Think of the stack like the internet's protocol layers. These platforms are like AWS or Google—operating across the stack to own the full customer relationship, from fiat onramp to blockchain to custody to staking.

Each platform has made a blockchain bet (Base, Cronos, BNB Chain) to capture transaction fees and ecosystem lock-in. Custody and fiat ramps form the moat—institutions need qualified custodians, retail needs easy onramps. If you're building infrastructure, you're either selling to these platforms or competing with them.

Key Patterns Emerging

After mapping all 13 layers, several patterns become clear:

Power law concentration is happening everywhere. In L2s, Base and Arbitrum hold 77% of TVL. In oracles, Chainlink has 67% of Total Value Secured. In bridges, LayerZero controls 75% of volume. Early movers with strong execution are pulling away.

The "picks and shovels" businesses are thriving. Stablecoins (Tether's $13B annual profit), custody ($683B → $4.38T market by 2033), and infrastructure providers are capturing enormous value. You don't need to pick winning dApps if you own the rails.

Interoperability is the next battleground. Cross-chain bridges, oracle networks with CCIP, and multi-chain wallet support are becoming table stakes. Isolated ecosystems are losing mindshare.

Institutional adoption is accelerating convergence. Swift partnerships, JPMorgan's Kinexys, Fidelity Digital Assets—the infrastructure is being built for TradFi onboarding at scale.

Strategic Gaps

The previous section showed how major platforms span multiple layers. Here's where each has gaps—and where opportunities exist.

Looking at the stack through the lens of major ecosystem players reveals interesting gaps:

Consensys (MetaMask, Infura, Linea, Diligence) has strong coverage in wallets, RPC, L2, and security—but notable gaps in:

• Custody (critical for institutional credibility)
• Fiat on/off ramps (currently leaking value to MoonPay, Transak)
• Analytics (Infura data could power this)
• Cross-chain (Linea is Ethereum-only)

Coinbase has Base (L2), Coinbase Wallet, Coinbase Custody, and Coinbase Pay—a more vertically integrated stack.

The oracle space remains dominated by Chainlink with institutional lock-in through Swift, Mastercard, and UBS partnerships. Pyth is winning in derivatives. No clear challenger in the general-purpose oracle market.

DeFi protocols are consolidating around blue chips (Aave, Lido, Uniswap). New entrants struggle to achieve escape velocity without significant innovation or token incentives.

This map will evolve as the space matures. New layers may emerge (AI agents? Decentralized identity?), existing layers will consolidate, and the competitive dynamics will shift. But the fundamental architecture—settlement, scaling, infrastructure, applications, services—provides a durable framework for understanding where crypto is going.

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