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Ethena's L1 Shows Fat Apps Are on the Rise. Can They Beat Fat Protocols? - Ep. 804 ENAL1 by Unchained

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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

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto
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