WEB3: CRYPTO'S BIGGEST MISTAKE

Summary from the TLDR Crypto newsletter

Crypto's early embrace of the “fat protocol thesis” misdiagnosed the value of tokenizing non-financial apps like social media and gaming, overlooking the high costs of trustlessness. As institutions adopt blockchain for efficiency, not speculation, value is shifting from infrastructure tokens to practical applications. The next phase of crypto must return to its roots: building better digital money as foundational infrastructure for the broader economy.