Article Author: Charlie.hl

Article Compilation: Block unicorn

The battle in 2025 will be a choice between the next generation of blockchains, deciding whether to prioritize ecosystems or products. Which priority will create the most successful blockchain (measured by market capitalization, fees generated, and number of unique users)? This question is playing out in real-time, as the future top Layer 1 (L1) and Layer 2 (L2) chains are betting their fates on opposing strategies. On one side are ecosystem-first chains represented by Monad, MegaETH, and Berachain, while on the other side is the product-first chain represented by Hyperliquid. In this article, I will delve into this distinction and the opposing chain philosophies that will shape the blockchain development landscape in 2025.

Competitors: Ecosystem First

Monad, MegaETH, and Berachain are the main proponents of the ecosystem-first philosophy, aiming to establish a thriving network of interdependent applications and stakeholders before focusing on building individual products. These chains attempt to attract developers from existing chains and each other by providing developer space, funding, and more chain-specific developer benefits (such as growth or partnership support).

Over the past year, Monad's business development/growth team, including @intern and @internbrah, has brought significant attention to Monad, attracting hundreds of thousands of Discord members and Twitter followers. Many Monad-based projects have raised funds at high valuations, claiming to be the first and dominant commitments on Monad [insert DeFi primitives]. As Monad's business development efforts strive to win top project builders from its competing chains, the phrase "building on Monad" resonates across crypto Twitter timelines. Monad even has a @monad_eco page to convey this more clearly: the ecosystem is the top priority.

MegaETH's approach to ecosystem building is slightly different, but its priorities are equally evident. The chain's lab team plays a unique intervention role within its ecosystem. They do not attempt to persuade existing projects to launch on their chain but primarily focus on nurturing grassroots projects from their accelerator, MegaMafia. These applications are tailored for MegaETH, unique to its ecosystem, but do not necessarily have the reputation and recognition of existing DeFi projects. MegaETH does not wait for natural development but actively "shapes" several core projects: perpetual contract DEX, spot DEX, lending protocols, etc. This carefully curated approach aims to ensure coherence and interconnectivity within the ecosystem, with MegaETH betting that these early investments will lead to growth as more teams join. For MegaETH, the MegaMafia ecosystem and its success are crucial.

Then there is Berachain, which attempts to combine ecosystem innovation with technological innovation. Its unique Proof of Liquidity (PoL) consensus mechanism incentivizes liquidity provision for Berachain native applications (such as BEX (Bera native decentralized exchange) and BEND (Bera native lending protocol)). By embedding liquidity incentives into the core architecture of the chain, Berachain hopes to create a virtuous cycle of ecosystem growth related to its infrastructure. Here, the product itself is the growth of the ecosystem, as can be seen from early initiatives like Boyco. For the Berachain team, winning the ecosystem competition is the top priority.

Each of these chains views ecosystem development as the foundation for growth. Although their products are far from mere talk, it is clear that in the early stages, their focus is on the network itself.

The Opposite: Product First

In stark contrast is Hyperliquid, which completely overturns the ecosystem-first concept. Hyperliquid does not rally developers to build on its L1; instead, it focuses on delivering a killer product: the most successful perpetual contract decentralized exchange (perps DEX) in cryptocurrency history. Only after solidifying its position in the perpetual contract space did Hyperliquid begin launching its L1, aimed at enhancing its flagship product and providing a network tailored for traders.

Hyperliquid's strategy represents a fundamental shift in L1 launch strategy. Rather than catering to application developers, it focuses on end users—in this case, traders. Its philosophy is straightforward: if you build a product that users love, developers and applications will naturally follow the liquidity and activity. This strategy avoids the trap of overhyping an ecosystem without a validated product.

This focus has led many to question where Hyperliquid's ecosystem is, as the lab team currently appears not to be making a public call to developers or applications. Instead, Hyperliquid's lab entity remains focused on product direction, seemingly adopting an approach where applications follow liquidity and users rather than the other way around. Hyperliquid is essentially rapidly replicating Uniswap's roadmap, first creating the most successful DEX and then building a chain (Unichain) and ecosystem to support it years later.

Philosophical Divergence

At its core, the debate between ecosystems and products reflects a philosophical divide in blockchain development. The ecosystem-first approach relies on developer network effects: by nurturing a thriving community of developers and projects, it aims to create a self-sustaining growth loop. In contrast, the product-first approach subverts this logic, betting that an outstanding product will first attract users and liquidity, with the ecosystem naturally developing thereafter.

The market will ultimately decide which strategy prevails. If ecosystem-first projects like Monad, MegaETH, and Berachain can convert their community momentum into lasting adoption, they could define the direction of L1/L2 ecosystem development. Conversely, if Hyperliquid continues to focus on providing the best trading experience and wins users, it may force the industry to rethink how to define a successful launch strategy. By prioritizing products, Hyperliquid essentially prioritizes community, as excellent products lead to widespread usage, resulting in more valuable community ownership, which could create the ultimate adoption flywheel effect by 2025. This article is primarily an objective analysis, but I would bet that when we look back at this article in December 2025, Hyperliquid will dominate all three of the aforementioned metrics, and the lead will be very apparent.

As 2025 approaches, one thing is certain: the battle between ecosystems and products will shape the landscape of L1/L2 development in the coming year.

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