Four 2026 acquisitions now map cleanly onto a broker stack: Sodot’s MPC/custody, DFlow’s $50B Solana execution layer, Dawn’s agent strategies, and Decent’s >$1B chain-abstraction routing. That’s a shot at the wallet/app pattern where every team duct-tapes swaps, bridges, compliance, and payout rails from separate vendors. Institutions may like the API surface, but the tradeoff is concentration: one MoonPay endpoint sitting across custody-adjacent infra, order routing, settlement, and KYC starts to look like crypto prime brokerage.

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