The post ‘Fat Apps’ May Lead Crypto Narrative In Coming Months: Bitwise appeared on BitcoinEthereumNews.com. A new thesis that argues that most crypto value today is captured in apps, rather than blockchains, is gaining popularity with the rise of Hyperliquid and could shift investor behavior over the next few months, a crypto executive says. “All the cool kids are talking about the ‘fat app’ thesis. Feels like that could be a dominant theme in the coming months,” Bitwise chief information officer Matt Hougan said in an X post on Wednesday. The fat-app theory suggests crypto applications will absorb more value than the underlying blockchain protocols in the future. Source: Matt Hougan “It’s the kind of thesis that I suspect will appear in the mainstream media in 1-3 months. As such, I think it’s a valuable mental model to keep in mind as folks watch crypto unfold,” Hougan explained. A few layer-1s could stand out, but apps will dominate The Fat App thesis, which is a relatively new idea, challenges Joel Monegro’s 2016 Fat Protocol thesis, arguing that most value will accrue to the base layer — chains like Ethereum, Solana or Avalanche — rather than applications.  Instead, the Fat App thesis suggests that value concentrates at the application layer, with applications capturing more revenue and user attention than the blockchains they run on. Should more people adopt the thesis, it could change how investors value layer-1 tokens compared to application tokens. Source: David Phelps The Fat Protocol thesis has also garnered plenty of controversy over the years. Digital asset Investment firm chief investment officer Jeff Dorman explained in a report back in 2021 that the Fat Protocol Thesis has not been proven correct yet, as it could be due to reasons that “have nothing to do with value being captured.” He said it may be due to retail investors treating layer-1s as an easy index… The post ‘Fat Apps’ May Lead Crypto Narrative In Coming Months: Bitwise appeared on BitcoinEthereumNews.com. A new thesis that argues that most crypto value today is captured in apps, rather than blockchains, is gaining popularity with the rise of Hyperliquid and could shift investor behavior over the next few months, a crypto executive says. “All the cool kids are talking about the ‘fat app’ thesis. Feels like that could be a dominant theme in the coming months,” Bitwise chief information officer Matt Hougan said in an X post on Wednesday. The fat-app theory suggests crypto applications will absorb more value than the underlying blockchain protocols in the future. Source: Matt Hougan “It’s the kind of thesis that I suspect will appear in the mainstream media in 1-3 months. As such, I think it’s a valuable mental model to keep in mind as folks watch crypto unfold,” Hougan explained. A few layer-1s could stand out, but apps will dominate The Fat App thesis, which is a relatively new idea, challenges Joel Monegro’s 2016 Fat Protocol thesis, arguing that most value will accrue to the base layer — chains like Ethereum, Solana or Avalanche — rather than applications.  Instead, the Fat App thesis suggests that value concentrates at the application layer, with applications capturing more revenue and user attention than the blockchains they run on. Should more people adopt the thesis, it could change how investors value layer-1 tokens compared to application tokens. Source: David Phelps The Fat Protocol thesis has also garnered plenty of controversy over the years. Digital asset Investment firm chief investment officer Jeff Dorman explained in a report back in 2021 that the Fat Protocol Thesis has not been proven correct yet, as it could be due to reasons that “have nothing to do with value being captured.” He said it may be due to retail investors treating layer-1s as an easy index…