Understanding Value Creation and Capture in Crypto
We discuss value creation and capture through the lens of the Fat Protocol Thesis
Most investors will tell you that one of the most important considerations when assessing investments is the idea of value – how it is created, how it is captured, and how it is conserved. This is true for all asset classes and blockchain is no different.
We had fun discussing the Fat Protocol thesis and enjoyed how engaged the audience was that night!
Introductions & Disclaimer (0:00 – 3:44)
Deconstructing ‘Fat Protocol’ (3:45 – 6:21)
Premise I: Shared Data Means No Moats (6:22 – 32:20)
Note: Jonhnson spoke incorrectly by saying that the Fat Protocol states that most of the value will be captured in the app layer. He meant that the Fat Protocol states that most of the value will be captured in the protocol layer.
Original Premise II: Speculation Boosts Protocol Value (32:21 – NA)
Updated Premise II: Governance Is What Matters Most (NA)
Unfortunately part of the discussion was not recorded due to a technical hiccup. We are working on bitesize podcast episodes that will cover the same topics as this event so stay tuned for those…