The value will accrue to money protocols. Ppl call this Fat Money thesis. I agree. But then they assume a narrow path on how crypto becomes money. Based on history of precious medals. Limiting. This isn't money. It's money wrapped in software. New. Gold wasn't programmable.
I think dApps will accrue very little value compared with money-tokens And dApps in general. In Web3 there is no proprietary moats, no intellectual property, no closed data sets. Everything is forkable / open source / will be increasingly frictionless. Profit margins supressed