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 generate significant value through fees and network effects. While protocols play a crucial role, well-designed applications can still monetize and thrive within the ecosystem. It's a symbiotic relationship where both protocols and applications contribute to the overall value creation.