A recent report by Schwab’s Center for Financial Research reveals that foundational blockchains like Bitcoin and Ethereum account for nearly 80% of the crypto market's $3.2 trillion cap as of the end of 2025. The report categorizes the crypto market into three layers: foundational networks, infrastructure, and products. Foundational blockchains form the backbone of the ecosystem, processing and recording transactions. The report highlights the challenges faced by infrastructure protocols, which connect blockchains and applications but struggle with user engagement and competition. In contrast, product protocols, such as exchanges and lending platforms, enjoy higher user loyalty and potential to become industry standards. Schwab emphasizes the importance of understanding the structural differences within the crypto ecosystem, noting that foundational networks hold the majority of market value.