The Infrastructure vs Application Debate
Primer
Infra vs. Apps?
Once again, the crypto world is debating whether the industry should focus on investing in blockchain infrastructure or applications for end-users. This debate has persisted in various forms for well over a decade now, usually resurging in bear markets. With a pullback from the early 2024 bull market, investor sentiment has renewed this age-old debate.
The issue seems to be nebulously defined by the following:
- Historically, infrastructure has generated the highest returns for crypto investors.
- Infrastructure is the core constraint holding applications back.
- Crypto has found few consumer use cases with sustained product-market fit.
Dylan is a Sr. Enterprise Research Analyst focusing on DePIN, DeFi, AI, and RWAs. He previously worked as a digital assets investment analyst at T. Rowe Price and in venture capital. Dylan is a graduate of Princeton University and co-founded the Princeton Blockchain Club.
Kinji formerly covered crypto at Morgan Stanley. His primary interests are DeFi, Ponzi's and unstable stablecoins.
Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.