Apps like Ethena are launching their own blockchains, raising the question: Do blockchains actually capture value, or do apps?
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.