Ethena's L1 Shows Fat Apps Are on the Rise. Can They Beat Fat Protocols? - Ep. 804

This Unchained podcast episode features an interview with Ryan Watkins, co-founder of Syncrasy Capital, discussing his "Fat App" thesis in the crypto industry. The conversation begins with a listener comment and then explores the shift from the "Fat Protocols" thesis, where base-layer blockchains outperformed applications, to a new reality where applications are becoming financially stronger and vertically integrating. Watkins details three potential end-states for this trend: maximally modular, integrated (like Solana), and an in-between model (like Ethereum). He concludes by discussing the future of Layer 1s, suggesting they may accrue value similarly to Bitcoin as non-sovereign stores of value, rather than solely through transaction fees. The episode also includes a news segment covering recent events in the crypto space.