Does the competition between L1s disprove the Fat Protocol thesis?
For those not initiated, the Fat Protocol thesis was posited by Joel Monegro in 2016. At a high level, it posits that while in previous iterations of the internet, value accrued to the application layer (google, Amazon, Fb) rather than protocol layer (http, smtp) this will be reversed. Full post here: https://www.usv.com/writing/2016/08/fat-protocols/ This theory seems…
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