Affiliate marketing is quietly reshaping how crypto trading platforms scale. From FX and spot trading products to payment solutions, the pattern's consistent—grassroots referral networks punch above their weight on user acquisition costs.

Look at what's happening: localized GTM strategies combined with affiliate incentives are compressing time-to-market for new markets. Payment products are catching on too, leveraging the same playbook.

The real question isn't whether this works anymore. It's about extracting the playbook—what actually drives conversions, which incentive structures stick, how top performers operate. Worth documenting the patterns and pitfalls across different product categories before the approach gets commoditized.