The Three Theses in Crypto There is fierce debate in crypto between two theses: a) the big chain thesis: a single big chain with composable state or rollups. Example: ETH, SOL. b) the app chain thesis: apps will own the infra and capture all vaue. Example: HYPE, UNI, even BTC. We are building for a third, complementary thesis: c) the cloud thesis of crypto: a composable verifiable cloud of powerful developer services. There was a similar discussion in early web application days between: a) shared web hosting will make it easy for anyone to build websites, b) apps will host their own servers. A third paradigm won out: c) cloud with composable services. Even the biggest web apps today like Netflix and Airbnb use the public cloud! We believe a similar story will play out in crypto and EigenCloud is building for this future.