Power in crypto has shifted toward five forces: stablecoins, ETFs, base-layer upgrades, blockspace security and high-throughput execution. Stablecoins now act as the fastest dollar settlement rail and operate under a federal framework following the GENIUS Act. Bitcoin spot ETFs channel mainstream capital at scale; IBIT by BlackRock holds roughly $85 billion AUM. Ethereum's Pectra upgrade (EIP-7702) is reshaping wallet UX. Solana's Firedancer client is nearing rollout and targets higher throughput. EigenLayer converts staked Ether into a rentable security market with live slashing. Power is defined by direct control over capital or block space, roadmap authority and credible near-term announcements.
Power in crypto has shifted from traditional players to five forces driving onchain finance and control. These forces are stablecoins, ETFs, base-layer upgrades, blockspace security and high-throughput execution. Traditional gatekeepers like exchanges and regulators now play a lesser role. Power in crypto today revolves around five levers: dollar liquidity (stablecoins), capital markets (ETFs and tokenization), base-layer roadmaps, blockspace security markets and high-throughput execution. Since 2024, the balance of influence has shifted away from the old exchanges vs. regulators dynamic to a new center of gravity.
Bitcoin (BTC) exchange-traded funds (ETFs) now funnel mainstream capital at scale. For example, IBIT by BlackRock alone holds about $85 billion in assets under management (AUM). Stablecoins, meanwhile, have become the fastest dollar settlement rail and, after the introduction of the GENIUS Act, now operate under a federal framework in the US. On the tech side, Ethereum's Pectra upgrade (with Ethereum Improvement Proposal 7702) is reshaping wallet UX, Solana's Firedancer client is approaching rollout,
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