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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."

BlockBeats News, on September 11, River's chain abstraction stablecoin system opened its first phase of the USDT Smart Vault at 10:00 PM (UTC+8) on September 10 (East 8th District), with a quota of 10 million US dollars and an expected annualized yield of 40%. Within 30 minutes of opening, 6.7 million US dollars had been deposited, surpassing 9 million US dollars within 1 hour (UTC+8), and the full quota was reached within 12 hours. The Smart Vault is based on the Omni-CDP mechanism. After users deposit USDT, they can earn yield with one click. The system will automatically mint satUSD and deposit it into the staking pool, integrating both DeFi and CeDeFi strategies to provide users with sustainable and stable returns without liquidation risk; at the same time, users receive River Pts as additional incentives. In the future, support for more assets such as BTC and ETH will be gradually added, and institutional-grade yield strategies will be opened. In the past two months, River has accumulated over 600 million US dollars in TVL and over 270 million US dollars in satUSD circulation. Its stablecoin ranking on DeFillama has risen to 27, and it has already integrated with protocols such as Pendle, Euler, and ListaDAO.