Meme Insider
In the fast-paced world of crypto, the dream of creating an "everything app"—a single platform that handles payments, social interactions, trading, and more—has captured the imagination of many builders. But according to Phantom CEO and co-founder Brandon Millman, this ambitious goal might be out of reach for most. In a recent clip shared by crypto journalist Laura Shin on X, Millman breaks down why only tech behemoths with massive resources can pull it off.
The Tweet That Sparked the Discussion
Laura Shin, host of the Unchained podcast, posted a thought-provoking clip from episode 889 featuring Millman and Pudgy Penguins CEO Luca Netz. The tweet asks: "Is the ‘everything app’ thesis a fantasy? 🧐 @BChillman says it’s a losing bet for anyone without god-tier resources 💥"
The attached video clip shows Millman explaining his stance during the podcast debate on who will onboard the next hundred million crypto users—wallets like Phantom or NFT brands like Pudgy Penguins.
Millman's Key Insights on Everything Apps
In the clip, Millman argues that competing to build an everything app against giants like X (formerly Twitter), Meta, and WeChat is essentially a losing proposition. He emphasizes that without "god-tier resources" and an established user base of hundreds of millions to billions, it's nearly impossible to succeed.
Here's a paraphrased quote from Millman based on the clip: "Trying to compete with X, Meta, and WeChat to become the everything app is basically a way to lose unless you're an established humongous player. You need that god-tier resources and hundreds of millions to billions of existing users to even have a shot at true global interaction."
He points out that these platforms already have the scale, distribution, and infrastructure to integrate diverse services seamlessly—think social media, payments, shopping, and more—all under one roof. For smaller players, chasing this dream often leads to overreach and failure.
This episode, titled "Companies Are Competing to Bring Crypto to the Masses: Who Is Best Positioned?", dives deeper into the debate. Millman represents the wallet side, arguing for crypto-native tools like Phantom, which is a popular Solana-based wallet known for its user-friendly interface and integration with meme token trading.
What This Means for Meme Tokens
At Meme Insider, we're all about unpacking how big ideas in blockchain affect the wild world of meme tokens. Millman's comments are particularly relevant here because many meme token projects start with viral hype but often pivot to building "utility" features—aiming to become mini everything apps with staking, gaming, social features, and more.
Take Solana's meme ecosystem, for example. Tokens like BONK or WIF have exploded in popularity, partly thanks to easy access via wallets like Phantom. But if Millman is right, these projects might struggle to evolve into full-fledged platforms without partnering with giants.
Instead, meme tokens could thrive by leveraging existing everything apps. Imagine meme trading integrated directly into X or Meta's ecosystems, where billions of users already hang out. This could supercharge adoption, turning niche memes into mainstream phenomena. On the flip side, it warns against overambitious roadmaps that drain resources without delivering.
Broader Implications for Blockchain Practitioners
For devs and traders in the blockchain space, Millman's take is a reality check. While crypto prides itself on decentralization and innovation from the ground up, scaling to mass adoption might require collaborating with centralized giants. Phantom itself is positioning as a gateway for crypto newbies, focusing on seamless onboarding rather than trying to be everything at once.
If you're building in crypto, consider specializing in what you do best—whether that's a killer meme narrative or a slick wallet experience—and integrate with larger platforms for reach.
Check out the full Unchained episode here for more on this debate, including insights from Luca Netz on how NFTs like Pudgy Penguins could drive user growth.
What do you think? Can underdogs build the next everything app, or is it giants only? Drop your thoughts in the comments below!
