In crypto, apps need infrastructure like infrastructure needs apps

The essay argues that the debate over whether infrastructure or applications come first in crypto is too binary, since the two evolve off each other in an adaptive, non-linear way. It uses wallets as an example: Wallet 1.0, exemplified by MetaMask (created by ConsenSys in 2016, with 545,000 monthly active users in July 2020 and over 10 million by August 2021), served crypto-natives. Wallet 2.0, enabled by infrastructure like Magic and Web3Auth, removed seed phrases but siloed users into app-specific wallets. The author describes Wallet 3.0, exemplified by Capsule, as combining self-custody with consumer-grade UX.