Cryptographic applications are the main beneficiaries of the transformation in the way infrastructure is built.

However, at least for the current stage and for a considerable period in the future, Multicoin's "fat applications, thin protocols" will not be realized.

The fat protocol theory still has some principles that stand the test of time. Although investors can profit in the short term by betting on new protocols, they should also pay attention to allocating more of their portfolio to Dapps, which is a way to hedge against intensified competition among protocols.

The shared open-source data layer with a reward mechanism prevents a "winner-takes-all" market, changes the rules of the game at the application layer, and creates a series of companies that are completely different from the business models at the protocol layer.