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

Bullish:

• $ATHENA - Athena's announcement to launch its own blockchain represents a significant opportunity to tokenize traditional assets, which far outweighs current blockchain assets.

  • “So what the Athena securitized announcement is is an admission that we are still very early, and the assets that could be uploaded from the traditional financial system of the blockchain way outnumber the amount of assets that exist on blockchain today.”

    Ryan·4:08
• $DAPP - The 'fat app thesis' suggests that applications expanding horizontally represent the largest total addressable market in crypto, evolving from the layer 1 blockchain narrative.

  • “When I say that the chat app thesis to an extent is an evolution of the l one trade, what we're getting at is that why do these projects want to expand horizontally anyways? It's because that's the biggest TAM.”

    Ryan·0:00
• $BTC - Bitcoin remains the primary competitor for other layer 1 blockchains as a non-sovereign digital store of value, implying a positive long-term outlook.

  • “All l ones are ultimately competing with Bitcoin to be the leading non sovereign digital store of value.”

    Ryan·29:53

Bearish:

• $MEV - Miner Extractable Value (MEV) is expected to decrease as a percentage of global blockchain activity due to various factors, suggesting a bearish outlook on its long-term prospects.

  • “NEV will come down as a percentage of the global activity on blockchains, and there's many forces that are going to drive this as well.”

    Ryan·22:54