Is the "fat protocol thesis" dead?
We explored the Solana tech stack from the perspective of revenue and valuation this week for readers of @the_defi_report
Some questions we posed and answered:
Is the market valuing the *user interface* layer more than the infrastructure layer?
Why is @bonk_inu still being valued like a "blue chip meme," and not the fastest-growing app on Solana?
How does @JupiterExchange business model differ from @AxiomExchange?
Does @RaydiumProtocol have a "moat" on Solana infra?
And how should entrepreneurs and investors think about the transient nature of crypto users (due to low switching costs)?
We covered it all in this week's issue of @the_defi_report
If you'd like to check out the latest research, see the link below 👇
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