Bitwise executive: "Fat apps" may become the mainstream narrative in a few months

Jinse Finance reported that a new perspective is gaining popularity, which suggests that the value of most cryptocurrencies today is not captured by the blockchain itself, but is instead concentrated at the application layer. This trend has become increasingly evident with the rise of Hyperliquid and may change investor behavior in the coming months. "Everyone is now talking about the 'fat application' theory. I think this could become the dominant topic in the next few months," Bitwise Chief Information Officer Matt Hougan wrote in a post on X on Wednesday. The "fat application" theory holds that future crypto applications will absorb more value than the underlying blockchain protocols. Hougan explained: "I suspect this kind of view will appear in mainstream media within 1-3 months. Therefore, I think this is a mental model worth keeping in mind to help everyone better observe the development of the crypto industry."