🥊 [Analysis] Fat protocols vs. fat dapps vs. fat wallets – Jeremy Liew

Jeremy Liew goes in-depth on Richard Burton's tweet that compares the following three theses:

• Fat protocol thesis: dapps capture minimal value (ex. Ethereum) Protocol layers create huge value but previously could not capture value. With crypto, protocols can now capture value and are now investable.
• Fat dapp thesis: great dapps capture people's attention (ex. CryptoKitties) Dapps codify incentive structures that drive usage and reward those who contribute to their creation and development, thus generating value.
• Fat wallet thesis: great wallets hold keys to dapps and protocols (ex. MetaMask) In order for the ecosystem to work, simplified UX is required. Most users will want a low mental cost, thus they will entrust their information to wallets. This will be the most important layer that users interact with.