Network effects run in proportion to the user value minus the switch cost.

How much do people want to join in?

Once they do, how hard is it to switch to any newcomer?

Network effects used to work for developers.

But now agents undermine both of these.

Developers all use agents.

Agents make it easier to create anything the product already has for themselves.

Also, agents make it easy to move to another one if another one pops up, especially if users have all of their own data.

So in the world of agents, the network effects for developer-focused products are less strong and less important.