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

a new view is gaining popularity, which believes that the value of most cryptocurrencies today is not captured by the blockchain itself, but is concentrated at the application layer. This trend is becoming more apparent with the rise of Hyperliquid and may change investors' behavior in the coming months.

"Everyone is now talking about the 'fat app' theory. I think this may become the dominant topic in the coming months," said Matt Hougan, Chief Information Officer of Bitwise, in a post on the X platform on Wednesday.

The "fat app" theory suggests that future cryptographic applications will absorb more value than the underlying blockchain protocols. Hougan explained, "I suspect such views will appear in mainstream media in 1-3 months. Therefore, I think this is a mindset worth remembering to help everyone better observe the development of the cryptocurrency industry."