As we transition from Web2 to Web3, understanding where economic value will concentrate is crucial for investors, developers, and entrepreneurs. The Fat Protocol Thesis, proposed by Joel Monegro in 2016, provides a framework to assess how value is distributed within blockchain ecosystems compared to traditional internet models.Web2: Thin Protocols, Fat ApplicationsIn the Web2 era, value was primarily captured by applications at the consumer-facing layer, while the underlying protocols remaine...