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Let’s talk about Amazon, Apple, and YouTube for a second.
At first, they might seem totally different — one sells stuff, one makes devices, and one streams videos. So why are we putting them in the same box? 🤔
Because they all made a smart move: they stopped focusing on just one product and opened the door for others to build on top of what they created.
👉 Instead of doing everything themselves, they created platforms for users, creators, and businesses to plug in and grow with them.
And that’s what helped them become some of the biggest companies in the world.
Not sure what that means? Hang tight, we’ll explain.
This isn’t just a one-off thing, it’s a pattern we’re seeing across the board. And we believe DeFi is next.
Before we jump ahead though, let’s look at a few real-world examples to show you exactly what we’re getting at.
1/ Amazon is one of the best examples of platformization in action.
It started as a traditional online bookstore, selling its own inventory directly to customers. But over time, it made a major shift—opening up its infrastructure to third-party sellers.
Today, over 62% of the items sold on Amazon now come from third-party sellers, not Amazon itself.
👉 Amazon isn’t just a retailer anymore. It’s a marketplace platform, where millions of businesses—from solo sellers to global brands—sell products using Amazon’s tools, logistics, and reach.
But it’s not just Amazon that saw the opportunity to build a platform.
Other giants followed the same path by moving from offering a single product to enabling others to build, create, and sell using their infrastructure.
2/ Apple did this with the iPhone.
What began as a closed device became a global platform when the App Store launched back in 2008.
Developers could now create apps for everything from games to finance to productivity and instantly reach millions of users.
That decision turned Apple into the foundation of an entire mobile economy.
3/ YouTube took a similar approach.
It started as a basic video-sharing site but grew into a platform for creators to build channels, grow audiences, and earn a living.
YouTube did not produce most of the content itself. Instead, it gave others the tools and reach to do it.
👉 This shift, where companies focus on building strong foundations and let others innovate on top, has become one of the most powerful business models.
Now, we are starting to see the same thing happen in DeFi – and that’s exactly what this report is all about:
- Why DeFi needs to start thinking like a platform
- What that means for everyday users
- 3 bold DeFi protocols that are already focusing on platformization
- What it means for DeFi investors
It’s no secret that we’re big believers in DeFi.
So when we spot a new trend that most people aren’t paying attention to yet, we don’t ignore it. We dig in, take a closer look, and try to understand what that could mean for our bags.
Alright, let’s kick things off with some context.
DEFI TODAY
First, we need to set the stage by taking a look at where DeFi stands today.
If you're not familiar with that term, think of DeFi like any financial product or service you use today, but built on the blockchain instead of run by banks.
In fact, it actually opens up a lot of new possibilities beyond just that, but let’s keep it simple for now.
Here are some key ways DeFi stands out compared to traditional finance (TradFi):
- It’s like traditional finance, but on the blockchain. No physical branches, paperwork, or traditional infrastructure.
- Run by smart contracts, not people. Everything’s automated, so no one’s taking a cut in the middle or making decisions based on demographics or ideologies.
- Much lower fees. With no overhead costs, it’s way cheaper to use.
- Super fast transactions. Some blockchains process transactions within hundreds of milliseconds — lightning fast.
- Apps can work together. Thanks to composability, DeFi tools can plug into each other like building blocks.
- Open to anyone with an internet connection. No borders, no banks — if you're online, you can use it.
- 24/7 Access. No closing hours. DeFi runs non-stop, around the clock.
It’s finance made better, faster, cheaper, and more accessible. That’s a super compelling idea, and it’s what kicked off the big DeFi hype bubble back in 2021.
We can measure that by looking at the total value locked (TVL) in DeFi protocols over the years.
Late 2021 was clearly the peak of the DeFi bubble — the hype was real, and the idea was just too exciting to ignore.
But the truth is, DeFi wasn’t anywhere near ready for mass adoption at that point, even if only a few wanted to admit it.
- The tech wasn’t there yet. DeFi was still early-stage, and not built for everyday users or mainstream adoption.
- High transaction costs on Ethereum. Most DeFi activity was on Ethereum’s mainnet, where users were paying tens or even hundreds of dollars per transaction.
- Regulatory pressure was intense. Founders were getting hit with lawsuits, scaring off new builders who didn’t want to gamble their careers.
- Big players stayed away. Larger users and institutions were interested, but without legal clarity, they chose to sit it out.
- Security was a major concern. The space was full of bugs, scams, and poor protections. Hacks and rug pulls drained hundreds of millions from users, damaging trust.
But that was DeFi in 2021. Fast forward to 2025, and the market looks completely different. A lot has changed – and for the better.
Most of the early challenges? Pretty much sorted. The key ingredients are in place — the tech is more mature, the products are better/safer, and regulators are finally starting to put proper rules around DeFi.
But there's still one big unlock left: reaching a much bigger crowd.
Not just the crypto crowd like us, but regular users, major companies, even traditional banks.
That’s when DeFi really takes off.
Why? Because that’s where most of the capital is. That’s how you spark massive adoption and take things to the next level.
We believe all of this potential gets unlocked through platformization, which we are going to dig into now.
DEFI TOMORROW
We kicked off this report by highlighting how some of the biggest tech giants made a key shift — they stopped trying to do everything themselves and became platforms instead.
That move is what allowed them to scale massively, and today, they rank among the biggest companies in the world.
We believe this shift toward modularity is inevitable in DeFi too, because different users have different needs.
- You might be comfortable lending through Aave and taking on the protocol’s full risk. But institutions might not be.
- You might be fine staking with Lido. But some funds need to know who their validators are.
- You might be fine holding a yield-bearing stablecoin ($sUSDS) from Sky, but what if the yield doesn’t stay competitive?
The list goes on…
The point is simple: if you're building a major DeFi protocol, your goal should be to serve the largest possible market while having the best product out there.
And the way to get there? Modularity.
Let others use your platform to build better products — together!
It might sound like a cliché now, but by the end, it’ll all make sense. 😉
Let’s walk through 3 real examples of DeFi products/projects that are already working towards this, so you can get an idea of what we’re talking about.
Uh, Oh… 😧 The rest of this report is exclusive to Crypto PRO members!
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WHAT’S LEFT INSIDE? 👀
- The three projects working towards platformization
- How platformization could take their valuation from billions of dollars, to tens-of-billions
- How to analyze the different stages leading up and into platformization and find an entry
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