Is the Fat User Thesis the Future of Web3?

In 2016, Joel Monegro introduced the idea of the “Fat Protocols.” According to this theory, value in blockchain ecosystems would accumulate primarily at the protocol layer rather than the application layer. Essentially, most of the value would go into Native tokens used for Transactions, such as ETH and BNB, as opposed to dApp tokens like $CAKE and $UNI. The more decentralized applications (dApps) built on these platforms, the greater the network effects and demand for the protocol’s native tokens. This would drive up their value—a reversal from the traditional internet model, in which companies like Facebook capture most of the