Crypto Exports Race to Become Web3 Super Apps

The report from Delphi Digital, a prominent crypto research firm, identifies a clear trend: leading exchanges are no longer content with being mere venues for buying and selling digital assets. Instead, they are aggressively expanding their offerings to become ‘distribution layers’ for a wide array of financial services. This includes not only spot and derivatives trading but also integrated payment systems, access to on-chain applications (dApps), and various yield-generation products. The goal is to create a single, seamless environment where a user’s entire crypto lifecycle—from onboarding to complex DeFi interactions—can be managed.

This strategic shift is directly inspired by the super app phenomenon, epitomized by platforms like WeChat and Grab in Asia. These applications successfully aggregated disparate services—messaging, payments, ride-hailing, food delivery—into one primary interface, fundamentally reshaping consumer behavior and capturing immense value. Crypto exchanges are now betting that a similar model, applied to digital assets and Web3, will be the key to capturing the next wave of mainstream adoption. However, as the Delphi Digital analysis notes, this vision is ‘colliding with Western UX preferences and clearer regulation,’ suggesting the winning formula will be an adaptation, not a direct copy, of the Asian blueprint.

Delphi Digital’s report concludes that the crypto ecosystem is moving decisively into what it terms an ‘aggregation era.’ This represents a significant power shift. For years, much of the industry’s innovation and value was concentrated at the protocol layer—the foundational blockchains like Ethereum and the decentralized applications built atop them. The new analysis argues that ‘the real power no longer sits with base protocols but with whoever owns the user relationship.’ In practical terms, this means the platform that becomes a user’s default starting point gains tremendous influence.

The ‘primary interface’ is now the critical battleground. As the report states, this is ‘the place where people first log in, move money and discover products.’ Controlling this touchpoint allows an exchange to guide user activity, curate product discovery, and capture fees across a broader spectrum of services. It transforms the exchange from a utility into a habitual destination. This aggregation model leverages network effects: the more services offered in one trusted environment, the more users are retained, and the more attractive the platform becomes to developers and other service providers seeking distribution.

For crypto exchanges, the race to become the dominant super app is a high-stakes endeavor with existential implications. The report suggests they are ‘betting that whoever controls the primary interface will control the next wave of users.’ This has triggered a quiet but intense feature war, with platforms racing to integrate wallet services, staking, lending, NFT marketplaces, and educational content directly into their core applications. The objective is to reduce friction at every step and eliminate the need for users to navigate away to external dApps or wallets for basic functions.

This evolution also carries broader implications for the crypto market structure. If successful, a handful of aggregated super apps could become the central gateways to Web3, potentially consolidating user attention and economic activity. This raises questions about decentralization, a core tenet of the crypto ethos, as user experience becomes increasingly mediated by centralized intermediaries. Furthermore, the adaptation to ‘clearer regulation’ mentioned in the analysis will be paramount. Western regulators are scrutinizing these expanding platforms, and their ability to operate multifaceted financial service hubs will depend heavily on navigating compliance for each new vertical, from payments to yield products.

Ultimately, the Delphi Digital report frames a pivotal moment. Crypto exchanges are not just upgrading their technology; they are redefining their very purpose. By aspiring to become the all-encompassing home screen for digital asset activity, they are positioning themselves at the center of the emerging Web3 economy. The outcome of this race will likely determine which entities shape the mainstream user experience of blockchain technology for years to come.