Four Pillars: On-chain Experiments Decline as Corporate Product Stacks Converge

Four Pillars researcher 100y_eth noted that many on-chain experiments have shut down or pivoted due to a lack of product-market fit, a trend that intensified in 2026. The market is polarizing between speculative sectors like meme coins, perpetual futures, and prediction markets, and real-world economic sectors like stablecoins, RWA, and treasuries. Major firms including Coinbase, Robinhood, MetaMask, and Kalshi are increasingly converging on a similar product stack consisting of perpetual futures, prediction markets, meme coins, stablecoins, and RWA.