The cryptocurrency sector is nearing its “Netscape moment,” as advancements in blockchain infrastructure and the growing availability of regulated investment products facilitate a fresh wave of institutional adoption, according to Paradigm co-founder Matt Huang.
Huang stated that the crypto industry is now experiencing its “Netscape” or “iPhone” moment, noting its impressive growth that exceeds previous expectations, appealing to both institutional and cypherpunk segments.
Netscape initiated the first user-friendly web browser for the mainstream in 1994, and its successful initial public offering (IPO) in August 1995 was pivotal in the internet’s mass adoption.
However, Microsoft leveraged this rising interest by bundling Internet Explorer with the Windows operating system for free, which eventually allowed it to outpace Netscape and dominate the browser market.
Onchain usability meets regulated access
Within the crypto domain, Bitcoin’s (BTC) peer-to-peer model and decentralized finance (DeFi) have fostered a vision of an open, programmable financial system that eliminates intermediaries.
Simultaneously, centralized platforms and traditional investment options are gaining a larger share of new capital due to their ease of use and alignment with familiar regulatory frameworks.
Approximately 200 crypto-based exchange-traded products (ETPs) could debut in the coming year, with 155 pending approval as of Oct. 22, as reported by Bloomberg’s senior ETF analyst, Eric Balchunas.
Crypto ETPs offer traditional investors simplified access to altcoins through brokerage platforms without needing an account on centralized exchanges.
Related: Prediction markets emerge as speculative ‘arbitrage arena’ for crypto traders
Onchain products are becoming user-friendlier, while “regulated” investment opportunities are increasing crypto accessibility, suggesting the industry might be approaching a tipping point for mass adoption, as noted by Lacie Zhang, market analyst at Bitget Wallet, in a conversation with Cointelegraph.
“ETFs and similar products legitimize digital assets, but they do not replace the unique advantages of onchain systems, such as direct ownership, programmable settlement, and real-time transfers.”
She further remarked that regulated access usually draws more liquidity into underlying networks by attracting institutional capital and new participants, rather than displacing onchain activities.
Related: Bitcoin now settles Visa-scale volumes, but most is for wholesale, not coffee
Despite concerns about centralization, the growth of centralized finance (CeFi) platforms and ETFs represents an “expansion of the onchain economy,” rather than a threat, according to Marcin Kazmierczak, co-founder of RedStone, a blockchain oracle solutions provider.
“The Netscape moment isn’t a contest between onchain and CeFi. It’s about the entire crypto ecosystem finally attracting long-term capital,” he stated, emphasizing that neither ecosystem is adversarial.
Netscape moment or dot-com bubble repeat?
Nonetheless, the crypto industry could still face the risk of a market crash similar to the dot-com bubble, considering that much of the revenue for certain blockchain networks stems from speculative memecoin trading.
On Solana, trading in memecoins contributed to 62% of the network’s decentralized app revenue in June, and constituted the bulk of its $1.6 billion revenue for the first half of 2025.
To realize their full potential, developers must advance the industry’s real-world utility, as the only significant “threat” to the industry is a “slowdown in technological progress,” remarked Edwin Mata, attorney, co-founder, and CEO of tokenization platform Brickken.
“The key is for onchain environments to continue innovating functionality, automation, and new market structures, which is where true fundamental value is generated,” he commented to Cointelegraph.
Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise — Hunter Horsley
