Alliance Co-founder: Public Chains Will Become Secondary, User-Facing Products Are Key

Imran Khan, co-founder of venture firm Alliance, posted on social media that public chains themselves will become secondary for most people, emphasizing that the key lies in the products that serve end users on the upper layer. He argued that launchpad platforms are being commoditized, and those possessing the deepest network effects or carving out niche positions through differentiation — such as stock trading pairs — will have a better chance of winning. Khan also stated that on-chain front ends are eroding the stickiness and community identity tied to single venues, as users can neutrally access various venues within the same window and reduce switching costs. The same logic applies to lending, swap routers, cross-chain bridges, and most trading infrastructure, with stickiness moving toward the party that controls user relationships.