@AxiomExchange did $27.1 million in protocol fees over the last 30 days and is one of the fastest-growing apps on Solana. How did it do it? 1. Monetary incentives 2. Referral system tied to rewards 3. A better product But there's something even more interesting brewing under the surface: Value is rapidly moving up the tech stack on Solana as UX improves. We broke down each layer from the perspective of revenues this week, so that you don't have to. Is the "Fat Protocol Thesis" dead? Find out in this week's edition of @the_defi_report Link below to sign up and have the latest research hit your inbox when it's published 👇