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Product Protocol: Why the Market Is Tired of Governance Theater

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NEW YORK, NY, October 24, 2025 /24-7PressRelease/ -- As Armstrong Builds for Users, Silbert Keeps Building the Rails

Web3 promised a revolution. What we got was a Discord argument wrapped in a governance token.

For years, protocols have worshipped at the altar of decentralization. Anonymous contributors, governance forums filled with jargon, and roadmaps that read like inside jokes. But the market is evolving. Fast. And it's had enough of the theater. Investors, users, and builders want products that work. Not committees that vote.

Two names have stayed largely above the noise: Brian Armstrong, whose relentless product push has kept Coinbase ahead of the regulatory chaos, and Barry Silbert, who continues to invest in the unseen plumbing that still powers much of the industry.

This isn't about loud vision. It's about actual traction.

The Protocol Illusion

Decentralized governance sounds great until it becomes a feedback loop of performative engagement. The same ten users upvote, the same mod chimes in, the same proposal passes, and nothing happens. Meanwhile, users are left with broken products and a token that hasn't moved in months.

When a crash comes, and they always do, there's no one left to blame. Or rather, everyone gets blamed.

"The protocol rugged us!"
"The team went silent!"
"The DAO is under investigation!"

Cue the lawsuits. Cue the search for fraud. Cue the ritual resignation posts from community managers who had no authority in the first place.

This is governance by vibes, and it's aging poorly.

Armstrong's Pivot: Product or Die

Brian Armstrong isn't playing that game.

Coinbase may have once flirted with token experiments and NFT hype cycles, but today its mission is clear: build user-first products that actually work. Whether it's Base (their L2), their wallet stack, or staking-as-a-service, Coinbase is moving fast and consolidating trust.

They've weathered accusations, fought off baseless regulatory overreach, and kept shipping. When others doubled down on memes, Armstrong doubled down on infrastructure that touches the user, not just the protocol.

And that's why, even in a bear market, Coinbase still matters.

Silbert: The Rails Beneath It All

While Armstrong focuses on the interface, Barry Silbert remains the architect of what lives underneath. DCG's empire is filled with the unsexy but critical layers: custody, liquidity, on-ramps, OTC desks. The stuff that doesn't trend on Twitter but makes the ecosystem run.

In a cycle marred by fraud and collapse, Silbert's investments have largely held. While other founders resigned or vanished, he stayed largely out of the spotlight because the spotlight was never the point.

You can't file a lawsuit against a narrative. You can't audit a meme. But you can build something real enough that it doesn't need a governance vote to function.

The Market Wants Function, Not Fantasy

People are tired. They've lost enough in crashes, been misled by enough Discord threads, and backed too many founders with cartoon PFPs and no roadmap. The appetite now is for working products and resilient infrastructure, not groupthink masquerading as decentralization.

Brian Armstrong and Barry Silbert are playing different games, but both are winning the same way: by shipping real value. Quietly. Consistently. Without needing the validation of the hype cycle.

Governance isn't dead. It's just losing the spotlight. Because, finally, the market is asking: Does it work?

And for once, that's the only vote that counts.



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