If you’ve been involved with blockchain, then you’re probably familiar with the Fat Protocol thesis in which Joel Monegro postulates about value capture in the blockchain era, Web 3.0. He notes that, in Web 2.0 (the social internet era), value accrued to the ‘application layer’ (i.e. in apps like Facebook, Google, Amazon, etc.). Meanwhile, the ‘protocol layer’ — HTTP, FTP, SMTP, etc. — captured little to no value.