Stripe's announcement of building their own Layer 1 blockchain shouldn't surprise anyone who's been watching the space. It fits neatly into a pattern we've seen from Binance Smart Chain to Tron, from Hyperliquid to JPMorgan's Kinexys—traditional financial institutions and payment processors creating their own blockchain infrastructure while fundamentally misunderstanding what makes public blockchains valuable in the first place.The Pattern of Permissioned InnovationStripe's L1 joins a growing...

Stripe's announcement of building their own Layer 1 blockchain shouldn't surprise anyone who's been watching the space. It fits neatly into a pattern we've seen from Binance Smart Chain to Tron, from Hyperliquid to JPMorgan's Kinexys—traditional financial institutions and payment processors creating their own blockchain infrastructure while fundamentally misunderstanding what makes public blockchains valuable in the first place.The Pattern of Permissioned InnovationStripe's L1 joins a growing...