#SOLETFsOnTheHorizon a world where protocols like Ethereum easily generate fees, justify tokens on a secure base layer, and capture value from all applications built on top of them, can applications really make money?

2. Can new apps even build a sustainable audience at a time when apps overall are looking more and more like the historical phenomenon from 2008 to 2012? After all, why haven’t there been any new apps with widespread, lasting adoption in nearly a decade, or if we exclude TikTok, more than a dozen years?

The obvious answers to both questions are so terrible. Once our investors understandably come to the conclusion that apps cannot accrue value, investment in apps will inevitably decline and there will be very little hope of rebutting this argument.

Let's be fair to the other side: A certain kind of investor might ask, does this negativity mean the bottom has hit the bottom for