The cryptocurrency sector is nearing its “Netscape moment,” with ongoing advancements in blockchain infrastructure and the emergence of regulated investment products propelling a new wave of institutional engagement, as stated by Paradigm co-founder Matt Huang.
The crypto field is experiencing its “Netscape” or “iPhone” moment,” Huang noted in a post on X. “It’s performing larger than ever, surpassing our highest expectations. Both the institutional and cypherpunk sectors are thriving.”
Netscape introduced the first user-friendly web browser for the general public in 1994 and went public with a successful IPO in August 1995, laying the groundwork for the internet’s widespread adoption.
However, Microsoft recognized the significant interest and capitalized on it by bundling Internet Explorer for free as a pre-installed part of the Windows operating system, thereby outpacing Netscape and becoming the most popular web browser.
Onchain usability meets regulated access
In the realm of crypto, Bitcoin’s (BTC) peer-to-peer model and decentralized finance (DeFi) have envisioned an open, programmable financial system that eliminates intermediaries.
Concurrently, centralized platforms and traditional investment products are drawing a growing share of new capital due to their user-friendliness and alignment with established regulatory frameworks.
Approximately 200 crypto-based exchange-traded products (ETPs) may debut in the next year, with 155 awaiting approval as of Oct. 22, according to Bloomberg’s senior ETF analyst, Eric Balchunas.
Crypto ETPs offer easier access to altcoins for traditional investors using brokerage platforms that do not have accounts on centralized cryptocurrency exchanges.
Related: Prediction markets emerge as speculative ‘arbitrage arena’ for crypto traders
Onchain products are becoming more user-friendly, while “regulated” investment vehicles are enhancing crypto accessibility, indicating that the industry may be on the brink of mass adoption, according to Lacie Zhang, market analyst at Bitget Wallet, in a discussion with Cointelegraph.
“ETFs and similar products legitimize digital assets but don’t replace what onchain systems uniquely offer, such as direct ownership, programmable settlement, and real-time transfers.”
She emphasized that regulated access points tend to attract more liquidity to underlying networks by inviting institutional capital and new entrants, rather than “displacing onchain activity.”
Related: Bitcoin now settles Visa-scale volumes, but most is for wholesale, not coffee
Despite concerns regarding centralization, the growth of centralized finance (CeFi) platforms and ETFs is seen as an “expansion of the onchain economy,” rather than a threat, according to Marcin Kazmierczak, co-founder of RedStone, a provider of blockchain oracle solutions.
“The Netscape moment isn’t about onchain versus CeFi. It’s about the wider crypto ecosystem finally attracting capital that remains long-term,” he told Cointelegraph, adding that both ecosystems are “not adversarial.”
Netscape moment or dot-com bubble repeat?
However, there remains a risk of a market crash similar to the dot-com bubble, as a significant portion of revenue for some blockchain networks comes from speculative memecoin trading.
For instance, on Solana, memecoin trading accounted for 62% of the network’s decentralized application revenue in June, contributing to the majority of its $1.6 billion revenue for the first half of 2025.
To realize its full potential, developers need to prioritize advancing the industry’s real-world utility, as the sole “real risk” to the industry is a “slowdown in technological progress,” according to Edwin Mata, lawyer, co-founder, and CEO of tokenization platform Brickken.
“What’s important is that onchain environments keep generating functionality, automation, and new market structures, as that is where fundamental value is created,” he told Cointelegraph.
Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise — Hunter Horsley
