🔖 "There are only two ways to make money in business: one is to bundle; the other is unbundle." - Harvard Business Review (link below).

This is also true for crypto, where unbundling is accelerating. Look at the rise of modular blockchains (e.g., Hylé) and composable DeFi protocols (e.g., Morpho).

Specialists like Adamik (transaction building), MPCH and Sodot (key generation and signing) are great examples, at different layers in the stack.

👀 Stay tuned. 👀

https://hbr.org/2014/06/how-to-succeed-in-business-by-bundling-and-unbundling

The wallet stack is next - why unbundle?

Supply Side
The explosion of blockchain networks makes a one-product-does-everything approach sub-optimal.

Demand Side
Developers need to support increasingly diverse use cases and want to avoid lock-in at the KMS layer.