# #1 Fat application thesis: Good reads

By [ekoverse](https://paragraph.com/@ekoverse) · 2022-08-20

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![meme belongs to @0xchigurh](https://storage.googleapis.com/papyrus_images/c04f9518274e4c0fbcadf06bb2fa4796cbba66357fffb9ce8a080cb5ef7cdd20.png)

meme belongs to @0xchigurh

**Fat application** or **fat protocol thesis** refers to the blockchain layer that captures the bulk of the value. Here, I list some of the good reads. If I missed something please let me know, I will add it as well (@ekoverse)

One of the first mentions of the fat protocol in Web3 (@jmonegro, 2016).

[https://www.usv.com/writing/2016/08/fat-protocols/](https://www.usv.com/writing/2016/08/fat-protocols/)

Breaks down the transition from fat protocols to thin protocols over time(@jnakano89, 2018)

[https://medium.com/coinmonks/fat-protocol-and-value-capture-over-time-part-1-of-2-51c7e7d0ca34](https://medium.com/coinmonks/fat-protocol-and-value-capture-over-time-part-1-of-2-51c7e7d0ca34)

Here is a follow-up (@jmonegro, 2020).

[https://www.placeholder.vc/blog/2020/1/30/thin-applications](https://www.placeholder.vc/blog/2020/1/30/thin-applications)

The next one nicely poses the question of value capture and beautifully explains how the fat protocol thesis will be falsified in modular blockchains. He has many other worth-reading articles (@momir\_amidzic, 2022).

[https://medium.com/@amidzic.momir/the-end-game-fat-applications-thesis-5c2f8b30c8c3](https://medium.com/@amidzic.momir/the-end-game-fat-applications-thesis-5c2f8b30c8c3)

Messari on fat application thesis “…Google and Facebook became worth trillions, while protocols like TCP/IP accrued little to no value…” (@Old\_Samster, @kelxyz\_, @messaricrypto, 2022).

[https://messari.io/report/analyst-notes-cracks-in-the-fat-protocol-theory?referrer=grid-view?utm\_source=twitter\_messaricrypto&utm\_medium=organic\_social&utm\_campaign=article\_organic](https://messari.io/report/analyst-notes-cracks-in-the-fat-protocol-theory?referrer=grid-view?utm_source=twitter_messaricrypto&utm_medium=organic_social&utm_campaign=article_organic)

Section 7.9 “Fat application thesis” (@messaricrypto, 2022).

[https://messari.transistor.fm/episodes](https://messari.transistor.fm/episodes)

One of the earlier writings about the fat application thesis comparing it with Web2 stack(@hhe08, 2019).

[https://venturebeat.com/business/blockchain-in-2019-will-be-all-about-the-middle-layer-protocol/](https://venturebeat.com/business/blockchain-in-2019-will-be-all-about-the-middle-layer-protocol/)

If the protocol is not fat, does that mean Ether captures no value? Read this report (@grayscale, @PhilJBonello) valuing Ether as money, as store of value, as a commodity, as a yield-bearing asset.

[https://grayscale.com/learn/valuing-ethereum/](https://grayscale.com/learn/valuing-ethereum/)

Sassal commenting on Hasu’s fat application thesis tweets

[![]({{DOMAIN}}/editor/youtube/play.png)](https://www.youtube.com/watch?v=K39mnbVEppc)

@apolynya on @BanklessHQ discussing different layer of the Web3 stack and value capture.

[https://open.spotify.com/episode/4h1MRLcREy57PKTqNmwac8?si=6y7yn\_7rT8uQQJf5YtqM3Q](https://open.spotify.com/episode/4h1MRLcREy57PKTqNmwac8?si=6y7yn_7rT8uQQJf5YtqM3Q)

Below are some tweets by @apolynya, @hasufl, and @messaricrypto, and various other people.

[https://twitter.com/apolynya/status/1545630119930212354m](https://twitter.com/apolynya/status/1545630119930212354m)

[https://twitter.com/MessariCrypto/status/1553908389394075648](https://twitter.com/MessariCrypto/status/1553908389394075648)

[https://twitter.com/apolynya/status/1475719519603609601](https://twitter.com/apolynya/status/1475719519603609601)

[https://twitter.com/apolynya/status/1475719526922604545](https://twitter.com/apolynya/status/1475719526922604545)

[https://twitter.com/hasufl/status/1531222655508029441](https://twitter.com/hasufl/status/1531222655508029441)

[https://twitter.com/hasufl/status/1531204918304022528](https://twitter.com/hasufl/status/1531204918304022528)

[https://twitter.com/MessariCrypto/status/1562807787696300032](https://twitter.com/MessariCrypto/status/1562807787696300032)

[https://twitter.com/usdcbull1/status/1564268975051210753?s=20&t=DaWGSPOFIY335rfwUjrCnQ](https://twitter.com/usdcbull1/status/1564268975051210753?s=20&t=DaWGSPOFIY335rfwUjrCnQ)

[https://twitter.com/tlagomi/status/1564329522924662784?s=20&t=DaWGSPOFIY335rfwUjrCnQ](https://twitter.com/tlagomi/status/1564329522924662784?s=20&t=DaWGSPOFIY335rfwUjrCnQ)

[https://twitter.com/0xdoug/status/1564112033213165569?s=20&t=DaWGSPOFIY335rfwUjrCnQ](https://twitter.com/0xdoug/status/1564112033213165569?s=20&t=DaWGSPOFIY335rfwUjrCnQ)

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meme by @jackzampolin

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*Originally published on [ekoverse](https://paragraph.com/@ekoverse/1-fat-application-thesis-good-reads)*