What Makes a Crypto Ecosystem Win in 2025? Expert Answers Reveal the Blueprint

Crypto's next evolution isn't about hype—it's about infrastructure that actually works. Here's what separates the winners from the vaporware.

Interoperability Rules Everything

Ecosystems that bridge chains seamlessly are eating everyone's lunch. Cross-chain swaps that take seconds, not days. Native multi-chain deployments without the friction. That's where the real network effects kick in.

Developer Experience Is the New Moat

Builders flock to platforms that don't make them want to pull their hair out. Clean documentation, robust tooling, and grants that actually arrive before the bull market ends. The tech stack either accelerates innovation or becomes technical debt.

Tokenomics That Don't Suck

No more pretend yields and inflation masquerading as rewards. Sustainable models that incentivize long-term holding over mercenary capital. Tokens that actually capture value instead of just printing it.

Regulatory Clarity Wins

Projects that navigate the compliance maze without sacrificing decentralization. Those FSA-friendly frameworks might seem boring until you're not getting sued into oblivion. Banking partnerships that don't require selling your soul.

User Experience That Doesn't Require a PhD

If normies can't use it, they won't. Period. One-click onboarding, intuitive interfaces, and gas fees that don't cost more than the transaction itself. Mainstream adoption happens when the tech disappears into the background.

The verdict? Ecosystems that solve real problems for real users—not just create new ones for speculators. Because let's be honest, most 'financial innovation' is just finding new ways to separate retail from their money.

‘The Space Is Still Wide Open’

: In your view, which ethereum L2s or other networks are clearly winning in 2025 — and what makes you say that?

: Ethereum has made a comeback. The foundation’s renewed focus on scaling and attracting applications to L1 has made mainnet appealing again for both users and innovators.

: What does “success” look like for ecosystems today: is it still TVL and developer count, or have new metrics taken over?

: TVL remains important because it’s harder to fake, but developers and users are even more critical. The real signal is whether new apps attract users from outside the crypto bubble, not just from other on-chain ecosystems. New users drive revenue, which can be reinvested into improving the ecosystem.

: Are we seeing any surprising winners or ecosystems that are fading despite big promises in 2023–2024?

: Hyperliquid has become a dominant player through “bottom-up” growth. ZK rollups haven’t yet exploded as expected, but it’s too early to crown winners. The space is still wide open — a couple of standout apps could easily change a chain’s trajectory.

: How do you personally define long-term ecosystem strength — and is it possible to measure that early?

: Each ecosystem should define KPIs based on its target users. The broader the ambition (general-purpose L1/L2), the harder it is to choose and track meaningful metrics. Early indicators include where innovation and new narratives originate, where TVL is most sticky, user retention rates, and institutional deployment trends.

‘The Focus Has Shifted Away From Pure Incentives’

: How has the formula for ecosystem growth evolved since the last bull market?

: The focus has shifted away from pure incentives. Last cycle, ecosystems spent hundreds of millions on liquidity and builder attraction, but ROI wasn’t proportional to spend. Now, some ecosystems like MegaETH and Berachain make focused bets through in-house incubators, prioritizing quality over quantity. Base continuously ships tools to simplify building. Gnosis launched Gnosis Pay — a complete payment pipeline (ID, on/off ramp, card) — tailored to its network strengths.

: What role does governance design play in ecosystem health today — is it something builders actively care about when choosing where to launch?

: Governance sets the strategies and programs builders value. Currently, governance is too time-intensive for early-stage builders, but we’re streamlining processes and tightening feedback loops to improve builder experience.

‘In Crypto, Long Term Is a Very Loose Concept’

: Which verticals or narratives are driving ecosystem competition right now — and which ones actually have long-term substance?

In crypto, long term is a very loose concept. The biggest excitement today revolves around AI, both in the FORM of autonomous agents and new “vibe coding” opportunities. Real World Assets are evolving quickly. Layered on top of all this is the growing ability to speculate and hedge on these sectors through perpetual and derivative protocols, which further fuels ecosystem activity.

: How important is community culture in sustaining ecosystem momentum — and can it be engineered, or must it emerge organically?

: It’s critical, and it’s both top-down and bottom-up. People should feel welcome, excited for the future, and able to make an impact quickly. When that happens, a positive flywheel forms: builders attract more builders, and growth compounds.

: What WOULD you say is the biggest myth or misconception about growing a blockchain ecosystem today?

: Tech alone drives success: “Build it and they will come” is outdated. More incentives always equal better results. It’s actually better to have a more focused approach.