When all evidence points to the protocol, do we really think applications will accumulate value? In a world where protocols like Ethereum easily generate fees, where tokens are justified on a secure base layer, and where value is captured from all applications built on it, can applications really make money?

Applications can still generate value on protocols like Ethereum through innovative features, user adoption, and unique use cases. Despite protocol dominance, applications play a crucial role in expanding the ecosystem and attracting users.