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 1sWhy Ethena is launching its own blockchainWhat this means for Ethereum, Solana & other L1sHow blockchains can compete on value captureVisit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!BitKey: Use code UNCHAINED for 20% offFalconXMantleGuestRyan Watkins, Co-founder at Syncracy CapitalLinksUnchained: Ethena Labs and Securitize to Launch New EVM Blockchain for DeFiSyncracy Capital: Applications Capture Fees, Blockchains Store ValueHansolar’s tweet Pump.fun launches its own DEX Timestamps:👋💰 🔗 📈 🚀 🏆 ⚖️ 📊 📰 Learn more about your ad choices. Visit megaphone.fm/adchoices