OpinionAltcoinsStablecoin
|5 min ReadNarrative vs Usable Crypto: Two Worlds Builders Must Master
Jax Morales
Senior Analyst
Published
Jan 16, 2026
I used to see crypto as one big world. Now I split it into two. Usable crypto and narrative crypto. From a builder’s view, this changes everything.
What “Usable Crypto” Looks Like
Usable crypto is where the cash registers ring. Wallets like @phantom and @MetaMask keep users moving. Stablecoins like USDT and USDC power payments and trading pairs. Exchanges such as @HyperliquidX, @Raydium, and @JupiterExchange capture flow. Launchpads like @pumpdotfun seed the next wave. Bots and terminals like @AxiomExchange serve traders where they live. DeFi workhorses like @aave, @kamino, and @LidoFinance collect real fees. It just works. It generates massive revenue. That is why these products endure.
What “Narrative Crypto” Really Does
Narrative crypto sells a vision. It is the story strong enough to move minds and unlock a $100 billion future. Bitcoin tells better money or digital gold. AI x crypto gathers GPUs and agent frameworks under one banner. DeSci and IP networks push new models for research and rights. New L1s and L2s promise faster rails, stable throughput, or perpetuals at scale. Privacy names like @Zcash stay loud even when daily usage is small. Restaking keeps the infra crowd engaged. x402 rides the machine-to-machine payment dream. Revenue is often thin at the start. Price moves come from a powerful story that brings in institutions and retail.
There are people who actually use Zcash, but the daily count is limited. The privacy narrative is strong right now, which brings attention. Attention can drive usage. The same goes for x402 from @CoinbaseDev. Early usage is tiny. The buzz is enormous. Speculation often becomes awareness, then becomes adoption.
Think of it as a spectrum, not a hard wall. Projects move along it over time. Some start as a story and earn their users. Others start as a tool and grow into a movement.
How the Two Worlds Feed Each Other
Narrative drives speculation. Speculation drives adoption for usable products. In usable crypto, the product and the user are king. In narrative crypto, the community is king. Both matter. Both are necessary. The energy flows both ways. That is the flywheel.
The Builder’s Dilemma
Every founder faces the same question. Do you build for narrative or build for usability. If you are strong at the attention game, build narrative first. Charisma helps. Distribution helps. Even being “a little scammy” is a market skill, and in this world it often means you know how to tell a story. If you know tokens, listings, and the cabals, then push a grand narrative and a clear vision. Capital will follow, talent will follow, and utility often catches up. Look at chains like Solana. When capital concentrates, builders show up, and the stack becomes useful.
If you want a 100 billion market if it works. Will retail get excited. A recent example shows how the story can be enough to launch at size even before usage.
If you are a product killer, build usable crypto. Pick a niche. Serve it cold. Axiom for memecoin traders is a good example. A new DeFi protocol is another. Usable crypto means serving what traders need directly, like terminals and exchanges, or indirectly, like stablecoins. You can also reach beyond speculation. Stablecoins do payments every day. Narrative still matters here. For Polymarket, the narrative is prediction markets. Treat story as your marketing arm. You can do both, but pick one to start. Find your edge. Focus wins.
The Trader’s Playbook
Traders live on narratives. You bet on the story you believe will lead the next few weeks, months, or years. Everyone plays attention arbitrage. Buy what is gaining attention. Sell what already had its moment. Rotate as the crowd rotates. Perp coins to privacy coins to AI coins. Inside a single narrative, back the teams that can command attention. The alpha and beta plays move when the storytellers execute.
The End
Usable and narrative are both core to crypto. As a builder, choose one lane first. Be very strong in usability or very strong in narrative. Once you nail one, expand into the other. That is the endgame. I learned this the hard way in a year as a full-time founder. I used to midcurve it. This is a game. Play it by the rules the market sets. Tremendous opportunities come to those who do.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.