A recent report from Delphi Digital indicates that crypto platforms are gradually evolving into distribution layers for a wide range of services, including trading, payments, onchain apps, and yield.
The “superapp” concept that transformed consumer finance in Asia is now intersecting with Western user experience preferences and more explicit regulations, prompting exchanges to bet that controlling the primary interface will dictate who captures the next generation of users.
The aggregation era arrives
The report concludes that crypto is entering an “aggregation era,” wherein the true power no longer resides with base protocols but rather with those who possess the user relationship. Essentially, it’s about the initial point of login, money movement, and product discovery.
In this landscape, exchanges and major platforms are competing to establish themselves as the default gateway, essentially the app that facilitates liquidity distribution, order flow, stablecoins, staking, non-fungible tokens, gaming, and more.
Related: Binance hints at stock perps in push to join global tokenized equities race
Binance’s one‑app strategy
Delphi points to Binance as the most notable example of the all-encompassing superapp approach, suggesting it reflects the WeChat-style model of “one interface, infinite utility.”
Initially a trading platform, Binance has consistently incorporated additional functionalities: spot and derivatives trading, Earn products, lending and staking, payments through Binance Pay, a Web3 wallet, and institutional services, all integrated into a single, comprehensive interface.
Related: Binance’s new ‘Junior’ app draws mixed reactions over kids entering crypto
Kraken’s constellation approach
In contrast, Delphi characterizes Kraken’s strategy as a distributed “constellation” model, based on a common framework of liquidity, custody, and identity.
Rather than funneling all users into a single app, Kraken is introducing specialized front ends: Inky, an entertainment-oriented memecoin app; Krak, focused on remittances and payments using stablecoins and yield; and Kraken Pro for traditional, detailed trading.
Delphi notes that the aim is to decouple the user interface while maintaining a cohesive infrastructure behind the scenes, allowing Kraken to remain the foundational distribution mechanism even as user experiences diversify.
Related: Kraken adds Backed Finance to 2025 acquisition streak, brings xStocks in-house
How Coinbase, OKX, and others fit in
Delphi observed that other major players are also edging towards a similar role as distribution layers, even if they shy away from the “superapp” label.
Coinbase has been actively expanding into smart wallets, onchain discovery, staking, and payments, positioning itself as a regulated, consumer-centric hub for both trading and Web3 access.
OKX, Bybit, and similar platforms are combining centralized trading with integrated Web3 wallets, NFT marketplaces, and DeFi access, effectively wrapping onchain infrastructure around their existing user demographics.
Related: Standard Chartered, Coinbase deepen alliance to build institutional crypto infrastructure
What’s at stake?
Delphi posits that beyond the surfacing of new products, a larger battle looms over who will dictate discovery for external applications and protocols, along with how regulators will categorize these platforms.
A comprehensive, all-in-one superapp consolidates risk and oversight in one location, delivering unparalleled convenience. Conversely, a federated, multi-app framework disperses user interfaces while maintaining control over the backend operations.
Whichever model prevails could significantly influence who ultimately becomes crypto’s preferred distribution layer in the next phase and the conditions under which the next hundred million users will engage.
