Stablecoins And The Fat Protocol Thesis

A breakdown of how the fat protocol thesis fails to play during a bear market

In my previous post, we explored how stablecoins are exploding in multiple adoption metrics. In this piece, we will explore whether stablecoin adoption is fuelling a rise in the price of Ethereum as an asset. A commonly held belief in the industry is investing in layer ones will likely create more value than investing in applications. This is because as…