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Blockchains were supposed to capture the majority of the value in crypto. But what if that’s wrong?
For years, the Fat Protocols Thesis argued that blockchains would be the biggest winners. But new data suggests that apps like Uniswap, Ethena, and others are now out-earning many networks.
Are we watching the rise of “Fat Apps” instead?
On this episode, Ryan Watkins, Co-founder at Syncracy Capital, talks about:
- Why the biggest apps are generating more revenue than many layer 1s
- Why Ethena is launching its own blockchain
- What this means for Ethereum, Solana & other L1s
- How blockchains can compete on value capture
Thank you to our sponsors!
EPISODE TRANSCRIPTGuest
- Ryan Watkins, Co-founder at Syncracy Capital
Links
- Unchained: Ethena Labs and Securitize to Launch New EVM Blockchain for DeFi
- Syncracy Capital: Applications Capture Fees, Blockchains Store Value
- Hansolar’s tweet
- Pump.fun launches its own DEX
