Is the "fat protocol thesis" dead? We explored the Solana tech stack from the perspective of revenue and valuation this week for readers of @the_defi_report Some questions we posed and answered: Is the market valuing the *user interface* layer more than the infrastructure layer? Why is @bonk_inu still being valued like a "blue chip meme," and not the fastest-growing app on Solana? How does @JupiterExchange business model differ from @AxiomExchange? Does @RaydiumProtocol have a "moat" on Solana infra? And how should entrepreneurs and investors think about the transient nature of crypto users (due to low switching costs)? We covered it all in this week's issue of @the_defi_report If you'd like to check out the latest research, see the link below 👇