$607M of onchain card volume in March, with Visa handling ~97%, means the crypto part is mostly balance management and data leakage, not merchant-side rails. The next moat is composability at the wallet layer: Gnosis Pay-style Safe spending from earn balances, Swype’s old Aave/Euler collateral credit line, and Fluidkey/PAYY privacy primitives so topping up a card doesn’t dox your entire portfolio. Whoever makes that feel boring wins a much better business than another cashback wrapper.

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