Polygon Founder Slams State of Crypto: Time to Escape AOL Era

The crypto industry has made major strides over the past decade. However, according to Polygon co-founder Sandeep Nailwal, crypto is still in its early, awkward stage, comparable to the AOL (America Online) dial-up era of the internet – one of the main ways people accessed the internet back then.
Nailwal’s critique highlights the growing pains holding the space back from mainstream adoption and what needs to happen before blockchain technology can achieve its full potential.

In recent interviews, Nailwal described today’s crypto landscape as equivalent to the late 1990s internet, where accessing the web was slow, clunky, and highly technical. He argues that despite explosive market growth, the average user still faces too many barriers when interacting with crypto platforms.

“We are still in the dial-up phase,” Nailwal explained. “Users need to be mini-engineers to understand how to buy, store, or use cryptocurrencies.”

Nailwal emphasized that crypto needs to develop smoother infrastructure to move forward. Key areas include:

Until these improvements are made, crypto will remain a niche sector dominated by financial speculation rather than real-world utility.

A recent report from Bitcoin financial services company River further supports Nailwal’s view. The study found that only 4% of people globally own Bitcoin, the original and most widely known cryptocurrency. Factoring in institutional ownership and proper market allocation, Bitcoin adoption is estimated to be just 3% complete—clear evidence that crypto adoption is still in its infancy.

While speculation and trading remain at the heart of the crypto economy today, Nailwal believes that utility-based applications will drive the next adoption phase. He compares this to how the internet evolved. Starting with basic email and web browsing in the 1990s and growing into the global economic backbone it is today.

Nailwal argues that crypto will follow a similar path. Once financial products and infrastructure mature, blockchain adoption will expand to include:

He predicts it could take another 10 to 15 years before crypto reaches this level of mainstream integration, a timeline that mirrors the 30+ years it took for the Internet to achieve mass adoption. In addition to better infrastructure, Nailwal stresses the need for clear regulations and greater user education to bridge the gap between crypto-native users and the general public.

His comments serve as both a critique and a call to action. The industry has built powerful financial tools but now must focus on delivering intuitive, accessible solutions to unlock crypto’s full potential.