Web 3.0 technologies present fundamental challenges to established theories of platform strategy and organizational design, yet the organizational forms enabling decentralized innovation remain theoretically underexamined. This paper reconceptualizes cross-chain bridges, which enable value and message transfer across independent blockchain networks, not as passive technical utilities but as novel business models orchestrating decentralized innovation ecosystems. Integrating platform economics, governance theory, and business model innovation, we develop a theoretical framework for understanding how these ecosystems create, capture, and coordinate value in the absence of hierarchical authority. Empirically, we construct a high-fidelity analytical sample drawn from a large corpus of cross-chain transactions spanning multiple protocols over a multi-year observation window, applying strict filtering heuristics that exclude automated Maximal Extractable Value (MEV) activity, wash trading, and low-value transfers to isolate genuine user-driven economic activity relevant to governance and ecosystem outcomes. This on-chain dataset is complemented by a structured survey of ecosystem practitioners and systematic post-mortem analysis of failed protocols. The study yields three theoretical contributions. First, a configurational theory identifies distinct business model archetypes whose competitive differentiation derives from supermodular complementarities among liquidity depth, developer ecosystems, and governance legitimacy. Second, emergent coordination mechanisms enable ecosystem orchestration without central control, though token-based governance remains vulnerable to contestation when institutional safeguards are insufficient, necessitating self-correcting mechanisms. Third, an inverted U-shaped relationship between decentralization and performance reveals that a graduated governance transition optimally balances development velocity with long-term legitimacy. These findings reconceptualize value analysis in decentralized markets, shifting attention from firm-level appropriation to ecosystem-level coordination as the primary determinant of competitive sustainability.