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This sounds like the inverse of the fat protocol thesis which keeps me awake at night (that, and jet lag).
In Web2, the value accrues to the application layer and not at all to the protocols (HTTP, TCP/IP, TLS, etc.), which are an indispensable commodity, but a commodity nonetheless.
In Web3, the value is supposed to accrue in reverse of that.
But that thesis was formed in 2016, well before L2s appeared on the roadmap.
Thatās important because as an ETH hodler/staker, I own part of the Ethereum protocol, but I donāt own any of the bespoke L2s that are increasingly app-like (think Base and the literal Coinbase Wallet app built as its front end) and capture value through sequencing.
The other aspect that the fat protocol thesis didnāt anticipate is when the unit cost of settling onto the L1 asymptotically trends toward zero due to blobs and other blockspace capacity scaling innovations.
So yes I think itās a valid concern and I would love to be explained why Iām wrong 2 replies
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