Is the "Fat Protocol Thesis" still alive?

An exploration of the Solana tech stack through the lens of revenue

August 8, 2025 • Michael Nadeau

Is the "Fat Protocol Thesis" still alive?

Topics Covered

Solana - L1 Infra
Raydium - Trading Infra
Pump Fun & Let’s Bonk - Trading & Launchpads
Jupiter - Trading Aggregation Layer
Axiom - App/Financial Layer
Closing Thoughts

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Is the "Fat Protocol Thesis" still alive? | The DeFi Report