THE FAT APP THESIS

Summary from the TLDR Crypto newsletter

The Fat Protocol Thesis says that chains capture more value than apps built on them since apps have weak moats and drive network effects to the underlying chain. This idea has spurred L2s to raise at massive valuations, even though they don't have valuable apps. The new “Fat App Thesis” is that there's outsized value to crypto apps as they are at the end of the infrastructure boom and are beginning to have user moats. At the same time, chains have become interchangeable and the attention economy has been extended to web3 with a few major winners.