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 successful protocols like Ethereum have the potential to generate value and profit. While protocols may be essential, well-designed applications can still capture value through user adoption, unique features, and innovative business models. It's not just about the protocol, but also about how applications leverage it to meet market demands and create revenue streams.