Schwab says crypto's real value is hiding in plain sight

So Charles Schwab, the brokerage that your dad probably uses, just published something pretty interesting about crypto. And honestly? They might be onto something.

They're breaking down the entire crypto ecosystem into three layers. Think of it like a cake. You've got your networks at the bottom (Bitcoin, Ethereum, Solana), infrastructure in the middle (all the plumbing that makes things work), and then products on top (your DeFi protocols, NFTs, whatever the latest trend is). Here's the kicker: most of the actual value? It's sitting in that bottom layer.

Makes sense when you think about it. Bitcoin alone is worth what, over a trillion dollars in 2026? Meanwhile, how many DeFi protocols have come and gone? How many NFT collections are now basically worthless? The flashy stuff gets all the attention, but the networks themselves are where the real money parks itself.

What's interesting is that this comes from Schwab. These aren't crypto bros trying to shill their bags. This is one of the most conservative financial institutions in America basically saying "yeah, there's something here, but it's not what you think it is." They're looking at crypto the way they'd analyze any other market - where's the value concentrated, what has staying power, what's just noise.

I think what strikes me most is how obvious this feels in retrospect. Of course the base layer holds the most value. That's where the security is, where the trust lives. Everything else is just building on top of that foundation. But sometimes it takes a traditional finance perspective to point out what should have been obvious all along.