‘Fat Protocol Thesis Failing? Crypto Value Capture Shifting from Tokens to Equity’ (Author: 51 Insights | Marc Baumann; Translated by Deep Tide TechFlow) The crypto industry's ‘fat protocol thesis,’ which posits that protocols capture value and tokens represent shares, is losing its validity. Underlying networks like Solana and Ethereum facilitate a massive amount of tokenized asset transactions, but the actual revenue flows more toward issuers, brokers, and trading platforms. Acquisitions around crypto infrastructure by companies like Stripe, Mastercard, and Kraken also indicate that value events are primarily occurring at the equity level rather than the token level. This bear market is re-auditing crypto assets, showing that equity with cash flow and legal claims is better positioned to capture value, while most tokens still lack enforceable rights tied to usage. Read the full article: https://www.(wublock123.com)/articles/article-59342