Would be worth a lot more as a protocol https://i.imgur.com/46CXsTn.jpg

i think it would increase the total value, but reduce how much twitter corp can capture from that value / risk someone building something better. let’s say you created smtp, and someone built the gmail. + it makes it harder to generate revenue

right, the protocol absorbs most of the value. the application layer maintains some but not as much. twitter, the company, would presumably hold onto some of the protocol tokens, so Musk could make a return that way

founder @ paperchain.com. smoker's club. always was, always will be aboriginal land.

For governance and also possibly for fees for using the protocol

Would be disappointing if it went that way. Interesting test as  to how valuable the social protocols in development now. Can Farcaster, nostr, bluesky, Lens get Twitter to build a client on top of them?
Best part is don't need a native token.