How crypto businesses turn products into platforms

The best crypto businesses do not just launch products. They develop in sequence, with each new layer expanding distribution, improving monetization, or making the existing product base more useful.

This week’s charts look at four examples: Ondo moving from tokenized yield into tokenized stocks, Morpho moving from rate optimization into lending infrastructure, Sky scaling sUSDS through a multi-agent yield model, and Ether.fi turning Cash into the user-facing layer on top of its yield products.

1) Ondo Finance

• Ondo’s TVL has grown from $0.2B to $2.9B over the last 3 years. The chart shows Ondo moving from tokenized U.S. T-bill products into a broader tokenized asset platform.

• Ondo’s development path has moved from low-risk yield products to higher-risk investable assets. OUSG and USDY gave users tokenized access to U.S. T-bill yield, the baseline rate in financial markets. Tokenized stocks extend that same user base into equity exposure, where returns are typically higher but riskier.

• Ondo’s next layer is about transaction-driven monetization. Tokenized U.S. T-bill products can scale AUM, but fees are structurally limited when users expect to keep most of the risk-free rate. Exchanges and perps could create more fee-generating activity around tokenized assets, while upcoming regulation may shape how quickly those products scale.

2) Morpho

• Morpho active loans have grown from near zero to $4.6B over the last 5 years. The chart shows Morpho moving from a rate-optimization product into a larger lending infrastructure layer.

• Morpho’s development path has moved from improving existing lending markets to rebuilding the backend. The original optimizer helped users access better rates on top of existing lending markets. Morpho’s current model separates the infrastructure layer from the risk-management layer, while Coinbase’s BTC-backed loans show how that infrastructure can sit behind user-facing lending products.

• Morpho Midnight is the next test for borrower demand. Variable-rate lending can be difficult for larger borrowers because costs can change quickly as utilization moves. Fixed-rate lending could make Morpho more useful for larger borrowers, which would also give curators more scalable markets to build around.

3) Sky

• Sky’s sUSDS has grown from $0.5B to $5.9B in market cap since October 2024. On Dec 1, 2025, sUSDS overtook sUSDe to become the largest tokenized fund tracked in the market.

• Sky’s development path has moved from single-collateral DAI to multi-collateral, multi-agent yield generation. Sky first scaled DAI (as MakerDAO) by expanding beyond ETH collateral into a broader collateral base. With USDS and Sky Agents, Sky is moving toward a more diversified yield strategy, with Spark, Grove, and Obex allocating capital across lending, RWA, and credit strategies that help support sUSDS yield.

• The key question is whether Sky’s diversified yield strategy can scale while keeping yields competitive. As the largest tokenized fund, sUSDS increasingly competes with tokenized U.S. T-bill products, where lower-risk Treasury yield is the benchmark. Sky’s edge may depend on whether its mix of yield sources can remain attractive at larger scale without taking on risk users are unwilling to accept.

4) Ether.fi

• Ether.fi monthly active users have grown from 1.5K to 33.5K over the last year. The chart shows Cash becoming the main driver of user activity.

• Ether.fi’s development path has moved from ETH staking toward a DeFi Bank account. Stake and Liquid give users ways to earn on crypto assets, while Cash adds borrowing, spending, rewards, and payments. The result is a product suite where users can earn, borrow, and spend from the same non-custodial account.

• Cash reduces Ether.fi’s dependence on ETH-derived yield. Stake and Liquid remain more exposed to asset prices and onchain yield conditions, while Cash adds transaction-driven revenue from payments, borrowing, swaps, FX, and card activity. The DeFi Bank model works if that activity keeps growing as the everyday user layer on top of Ether.fi’s yield infrastructure.

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Platform updates

• Listed Katana Network, an L2 built on the “Agglayer” interoperability layer with a native perpetual futures exchange. Katana Network generated $74.8K in revenue over the past 30 days, up 374.4% MoM.

• Listed CoW Protocol, a meta-DEX aggregation protocol that batches trades and auctions them across public and private liquidity sources. CoW Protocol processed $3.2B in trading volume and $1.1M in revenue over the past 30 days across 10 chains.

• Added 23 new Tokenized assets, including Fidelity's USD Digital Liquidity Fund (FILQ-A and FILQ-D), 7 new Midas tokenized funds, 5 Nest vault products, Republic's Pre-IPO SpaceX token (preSPAX), and Mu Digital's first assets on Monad.

• Listed 6degrees, AlphaFi, Current, DeepBook, Ember Protocol, Mezo, MNEE, StandX, SuiMine, SuiMint, UBS, and Volo with basic metrics.

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