TL;DR:
- The crypto ecosystem is entering an “aggregation era” where the user relationship surpasses the power of the base protocol.
- Binance adopts a monolithic, WeChat-style “super app” model that bundles all services into a single interface.
- Kraken opts for a federated “constellation” approach, with specialized apps built upon a shared backbone.
Cryptocurrency platforms are ceasing to be mere exchange points, now representing massive distribution layers. Delphi Digital, in its latest report, concludes that the Super App vision, which impacted consumer finance in Asia, is clashing with Western UX preferences and an evolving regulatory context.
In this environment, exchanges are competing in a race for control of the primary interface, seeking to be the default gateway that defines the next wave of users. The analysis indicates that the crypto sector is in the “aggregation era,” which is a paradigm shift where power is not in the base protocols, but rather in the platform that connects with the users.
In simple terms, the key lies in being the place where people log in, move money, and discover new products. In this landscape, the crypto super apps competition is focused on becoming the gateway that distributes liquidity, stablecoins, staking, NFTs, and gaming services.
Opposing Strategies: Monolith vs. Constellation
Delphi Digital’s report highlights two clearly differentiated business models in this aggregation race.
First, Binance. It is cited as the clearest example of the monolithic super app play. The platform replicates the WeChat-style model of “one interface, infinite utility.” What began as a pure trading venue has systematically devoured adjacent behaviors: spot and derivatives trading, Earn products, staking, payments via Binance Pay, and a Web3 wallet. All these services are nested within a single, dense interface.
On the other hand, Kraken presents a federated model that Delphi calls the “constellation.” Instead of forcing all users into a single app, Kraken is rolling out specialized interfaces: Inky (focused on entertainment and memecoins), Krak (for remittances and payments), and Kraken Pro (for advanced trading). They seek to unbundle the user interface while keeping Kraken as the distribution core that controls liquidity, custody, and identity in the background.
Other major platforms like Coinbase, OKX, and Bybit are also positioning themselves as distribution layers. Coinbase is delving into smart wallets, onchain discovery, and payments, acting as a regulated and consumer-friendly hub. OKX and Bybit are combining centralized trading with integrated Web3 wallets, NFT marketplaces, and DeFi access.
In summary, the crypto super apps competition hides a deeper struggle over who will control the distribution and discovery of third-party apps and protocols. The choice between an “all-in-one” design that consolidates risk, or a “multi-app” model that fragments the experience, will largely determine who becomes the default distribution layer in the next cycle and on whose terms the next hundred million users will join.
