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"For the past decade, we’ve assumed that protocols would capture value because they control the rails, and we’ve ignored the corollary: that apps control the users. There is value in both, of course. But I suspect it will be much easier to guide users to rails than to guide rails to users.
It’s apps, as they always have, that will provide value for the ecosystem as a whole."
https://davidphelps.substack.com/p/the-fat-app-thesis