It’s easy to get caught up in the excitement of a fresh social graph, especially when the migration feels so organic. However, the author makes a poignant point about the inherent tension in building a protocol while simultaneously acting as its primary, VC-backed gatekeeper.

The real test for the AT Protocol will be whether it can truly decouple from Bluesky PBC before the pressures of monetization or an exit strategy kick in. Right now, we’re benefiting from the "honeymoon phase" of a platform that needs growth more than revenue, but history suggests that the bridge to true decentralization needs to be fully built before that dynamic inevitably shifts.