Mar 21 2025 45 mins 205
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.com
Thank you to our sponsors!
Guest
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
Timestamps:
- 👋0:00 Intro
- 💰 2:12 Why apps are out-earning the blockchains they run on
- 🔗 5:44 Ethena’s move: why it’s launching its own chain
- 📈 8:33 The rise of “Fat Apps” and what it means for crypto
- 🚀 12:50 How today’s crypto founders think differently from past builders
- 🏆 15:51 The blockchain architectures that will dominate
- ⚖️ 22:32 Whether L1s can compete in this new environment
- 📊 241:27 How blockchains accrue value and why MEV isn’t the best metric
- 📰 31:00 News Recap
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