*This blog is a transcription of the Pheasant blog here.The Rise and Fall of the Fat Protocol ThesisA Perspective by Tomo, CEO of Pheasant Network In 2016, the “Fat Protocol Thesis” emerged as a provocative idea in the blockchain space. Proposed by a prominent crypto investor, the thesis argued that most of the value in decentralized networks like blockchains would accrue at the protocol layer rather than the application layer. This view represented a radical departure from traditional intern...