Opinion by: Ray Song, founder at aPriori
When you’ve been around markets long enough, you start to see patterns. The tools we trade on and the rails we build on are never static. In crypto, one of the biggest shifts happening right now is at the base layer.
For years, the layer 1 conversation was dominated by Ethereum if you wanted composability and a broad developer base, Solana if you wanted speed and Cosmos if you wanted sovereignty. The choice of L1 felt like picking a trading venue, evaluating fees, liquidity and execution.
Lately, however, that decision has moved from tactical to strategic. Beyond developers deciding between ecosystems, big companies are now building their blockchains from scratch. And when the companies doing it are Stripe, Coinbase or other giants with deep regulatory and distribution advantages, the L1 stops being a neutral playing field and starts looking like a moat.
The Stripe Tempo moment
Take the Stripe news. It turned out that “Tempo,” a payments-focused layer 1, is being built in partnership with Paradigm. If you’ve traded long enough, you know Stripe isn’t doing this for no reason. This is a settlement-layer play, with control over the base layer, the fees and uptime.
In traditional markets, clearing and settlement are often invisible to end-users, but they’re where the real leverage is. Tempo would give Stripe a chain purpose-built for predictable fees, deterministic settlement times, and merchant distribution that nobody else can match. This is 20 years of payment-processor muscle memory applied to crypto rails.
From permissionless to permissioned
There is a clear spectrum emerging. On one end, there are fully decentralized, censorship-resistant protocols. These chains may lack the polish or compliance comfort institutions crave, but they’re the crucibles where real innovation happens. Ethereum in its early days, Bitcoin still today, newer privacy chains pushing the edges of what’s possible without KYC gates.
Conversely, you have corporate-controlled L1s aligned with regulated custodians and exchanges. Coinbase’s Base chain is already live. Binance’s BNB Chain is effectively a corporate ecosystem. Stripe is joining that tier.
In between are the hybrids, those L1s that want to be open enough to attract the crypto-native crowd but structured enough to keep institutions comfortable. This middle ground is where some of the most interesting battles will be fought — because it’s the one place both sides might meet.
This isn’t a level playing field
Crypto-native founders can’t compete with Stripe or Coinbase regarding distribution and regulatory terms. The big guys can acquire licenses overnight and onboard millions of merchants with an API call.
Related: After stablecoin push, Stripe acquires crypto wallet developer Privy
That doesn’t make it hopeless for permissionless builders, but it does change the game. Competing head-to-head on the same vectors (licensing, institutional distribution) is suicide. The opportunity is what the corporate L1s won’t or can’t do.
They won’t prioritize privacy features that could raise regulatory eyebrows, and they can’t move as fast in shipping novel DeFi primitives, as every new feature needs legal sign-off. They’ll always have to balance decentralization with shareholder value.
Where the opportunities still live
The most significant breakthroughs in DeFi happened because anyone could plug into anyone else’s contracts without asking permission. That’s harder to do in a corporate-controlled L1 with guardrails. If you can offer true composability, you’ll attract the builders they can’t.
Crypto native founders can also experiment with tokenomics, governance models, or crosschain integrations when it takes incumbents to run a risk assessment.
Lastly, people forget how much cultural alignment matters. Ethereum has an identity, and Bitcoin has a mission. If you can articulate a vision that resonates with a specific user base, whether privacy maximalists, DeFi degens or regional adoption niches, you can outmaneuver corporate L1s in those segments.
The emergence of corporate L1s changes the liquidity map. If Stripe’s Tempo gains traction with merchants, you’ll see predictable, high-volume flows, which is great for low-risk, yield-capture strategies. The volatility and the asymmetric opportunities will still be in the permissionless frontier, however, where protocol changes, governance shifts, or market narratives can swing valuations overnight.
In a permissionless chain, the risks are technical and market-driven. In a corporate chain, the risks are regulatory and business-model-driven. Tempo might not rug you technically, but it could kill your yield with a policy update.
The endgame
This isn’t a zero-sum fight between corporate and permissionless chains. They’ll likely complement each other. Corporate L1s will handle the compliant, large-volume flows that bring in conservative capital, while permissionless chains will keep pushing the boundaries, generating the innovation that the corporations will eventually adopt.
For traders and builders alike, the real alpha will come from understanding how value migrates between these worlds. The Stripe Tempo news signals that the base layer is now strategic real estate. And in markets, whoever controls the rails eventually controls the margins.
Opinion by: Ray Song, founder at aPriori.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.