How does crypto work at the highest level? This is the mental model I’ve been using. There are six key categories of players. Asset acquirers - these include brokerages, custodial and non-custodial wallets, banks, asset managers, hedge funds, market makers, and lenders. They aim to acquire assets to plunge into the crypto ecosystem. Each acquirer offers a unique value proposition, tempting investors to park cash with them. These companies might target retail or institutional investors, hawk loans, offer trading of varied assortments of tokens, compete on lower trading fees, share better market information, or reward loyalty with their own token.