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

Huobi HTX reports that a new view is becoming popular, which believes that the value of most cryptocurrencies today is not captured by the blockchain itself, but is concentrated in the application layer. This trend has become increasingly obvious with the rise of Hyperliquid and may change investor behavior in the coming months. “Everyone is talking about the ‘fat application’ theory right now. I think this may become a dominant topic in the coming months,” Bitwise CIO Matt Hougan wrote on Wednesday’s X platform. “ Fat Applications Theory believes that crypto applications will absorb more value in the future than the underlying blockchain protocol. Hogan explained: "I suspect that such views will appear in mainstream media within 1-3 months." Therefore, I think this is a thinking model worth remembering to help everyone better observe the development of the crypto industry. ”