A new idea is gaining popularity that most of the value of cryptocurrencies today is not captured by the blockchain itself, but rather concentrated in the application layer. This trend is becoming more apparent with the rise of Hyperliquid and could change investor behavior in the coming months.
"Everyone is talking about the fat app theory right now. I think this is likely to be the dominant topic in the coming months," Matt Hougan, chief information officer at Bitwise, wrote in an X platform post on Wednesday.
The "fat app" theory holds that future crypto applications will absorb more value than the underlying blockchain protocols. "I suspect these kinds of views will be in the mainstream media within one to three months," explains Mr. Hogan. "So I think it's a mental model to keep in mind to help you get a better view of how the crypto industry is going."
Bitwise executive: 'fat apps' could become mainstream narrative in a few months
2025-09-11 04:44:26
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