<p>Blockchains were supposed to capture the majority of the value in crypto. But what if that’s wrong?</p><p>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.</p><p>Are we watching the rise of “Fat Apps” instead?</p><p>On this episode, Ryan Watkins, Co-founder at Syncracy Capital, talks about: </p><ul>
<li>Why the biggest apps are generating more revenue than many layer 1s</li>
<li>Why Ethena is launching its own blockchain</li>
<li>What this means for Ethereum, Solana & other L1s</li>
<li>How blockchains can compete on value capture</li>
</ul><p><strong>Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com</strong></p><h3><strong>Thank you to our sponsors!</strong></h3><ul>
<li>
<a href="https://bitkey.world/">BitKey</a>: Use code UNCHAINED for 20% off</li>
<li><a href="https://www.falconx.io/focal">FalconX</a></li>
<li><a href="https://www.mantle.xyz/">Mantle</a></li>
</ul><h3><strong>Guest</strong></h3><ul><li>
<a href="https://x.com/RyanWatkins_">Ryan Watkins</a>, Co-founder at Syncracy Capital</li></ul><h3><strong>Links</strong></h3><ul>
<li>Unchained: <a href="https://unchainedcrypto.beehiiv.com/p/so-cringe#ethena-labs-and-securitize-to-launc">Ethena Labs and Securitize to Launch New EVM Blockchain for DeFi</a>
</li>
<li>Syncracy Capital: <a href="https://www.syncracy.io/writing/application-fee-capture">Applications Capture Fees, Blockchains Store Value</a>
</li>
<li>Hansolar’s <a href="https://x.com/hansolar21/status/1901959932729323786?s=46&t=jalJsCZZQAGOJ3L-bvfu9g">tweet</a> </li>
<li>Pump.fun <a href="https://x.com/pumpdotfun/status/1902762309950292010">launches</a> its own DEX </li>
</ul><p></p><p><strong>Timestamps:</strong></p><ul>
<li>👋0:00 Intro</li>
<li>💰 2:12 Why apps are out-earning the blockchains they run on</li>
<li>🔗 5:44 Ethena’s move: why it’s launching its own chain</li>
<li>📈 8:33 The rise of “Fat Apps” and what it means for crypto</li>
<li>🚀 12:50 How today’s crypto founders think differently from past builders</li>
<li>🏆 15:51 The blockchain architectures that will dominate</li>
<li>⚖️ 22:32 Whether L1s can compete in this new environment</li>
<li>📊 241:27 How blockchains accrue value and why MEV isn’t the best metric</li>
<li>📰 31:00 News Recap</li>
</ul><p> </p><p>Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a></p>

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

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