Schwab’s latest report offers a structured view of the cryptocurrency ecosystem by dividing it into three key layers: network, infrastructure, and products. The analysis highlights that the largest share of value within the digital asset space is concentrated in the foundational network layer. These core blockchain networks serve as the backbone for all applications, services, and financial products built on top of them. As a result, they capture the most economic value over time. The report suggests that investors should pay close attention to these base-layer networks when evaluating long-term opportunities in cryptocurrencies, as their fundamental role positions them as the primary drivers of growth, adoption, and value creation across the broader crypto ecosystem.

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