Value Accrual - by Joel John and Siddharth
decentralised.co · 4,379 words · saved by 1 readers
Should protocols make money?
Hello! Sid and I discussed the Fat Protocol Thesis a few months back. Much has been written about its validity. For those not in the know, the thesis argues that the value of a protocol will be higher than the combined value of all the applications on top of it. It is an excellent narrative to buy into when a new network is coming to market. Joel Monegro wrote it in 2016 when ETH's price was a few dollars. There has been much debate around the thesis since then, but if I had to summarize, here's what happened. During bear markets, as value accrues to stable, less volatile assets, it is…
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