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![BTCTN Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::3367334171.png) Bitcoin.com News [@BTCTN](/creator/twitter/BTCTN) on x 3.2M followers
Created: 2025-07-04 09:55:00 UTC

The fat protocol thesis fueled two entire crypto cycles.

@_dsencil says it's over.

L1s are down bad, and price action might be the final nail in the coffin. w/@graminitha1 

From Token Narratives ep. 59:


![](https://pbs.twimg.com/amplify_video_thumb/1941057336472444928/img/TIjwVEWyVRbbGCnn.jpg)

XXXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1941073247958602004/c:line.svg)

**Related Topics**
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[protocol](/topic/protocol)
[bitcoincom](/topic/bitcoincom)

[Post Link](https://x.com/BTCTN/status/1941073247958602004)