$AAVE is one of 15 tokens in Citrini Research’s “Breaking The Wall” basket. But the allocations reveal a broader thesis. 48% is concentrated in the top five positions, while derivatives-focused protocols alone account for 27%. What interests me is that Solana gets just 8%, with the remaining 92% allocated to applications and infrastructure. I read this as a bet that more of crypto’s value could accrue above the blockchain layer. But protocol growth and tokenholder returns aren’t the same thing. Revenue capture and dilution will ultimately determine whether that thesis works. Are we entering an era where owning the applications becomes more valuable than owning the chains they run on?