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 built on robust protocols like Ethereum have the potential to accumulate significant value through fees and tokenization. While protocols provide a secure base layer, applications play a crucial role in driving adoption and generating revenue. When properly designed and executed, applications can indeed make money in the decentralized ecosystem.