The folks at Bankless have a great analogy for how crypto companies ARE and WILL build.

It’s called a The DeFi Mullet. Here’s what it means:

Companies flirt with crypto first with finance.

This starts with a move to be more “FinTech.”

Here’s the playbook:

• support top cryptos - BTC, ETH

• provide buying/selling but no withdrawals

• focus on low-value retail investors

And then they slowly evolve into more DeFi-focused features.

They start by opening their addresses to external withdrawals and deposits, integrating more blockchains, providing passive investment features, and eventually using the reigns of DeFi for additional value creation.

Think about features like:

• non-custodial wallets

• active investment funds

• variable, market-based yields

Companies know they can’t ignore DeFi. They have to embrace it slowly but surely. Every crypto-focused company will and is moving into DeFi.

And there’s no going back.

Can you name a company that’s using this approach?