Recently, a new perspective known as the 'Fat App' thesis has started gaining traction in the cryptocurrency space. It posits that the biggest winners will be tokens linked to actual usage and revenue from applications.
Market Signs Point to Applications
Recent statements from Bitwise CIO Matt Hougan highlight the rapid spread of this narrative, which could reach mainstream media in the coming months. On the flip side, Starkiller Capital noted that while major layer-1 tokens have stagnated against Bitcoin over the past year, application tokens have shown significant gains.
A Shift in How Crypto Is Valued
The 'Fat App' thesis argues that the growth of Hyperliquid, whose HYPE token has become one of the standout performers in recent months, is based on real activity — trading volume, token velocity, and user demand. This indicates a shift of the center of gravity in crypto from infrastructure to the apps people actually use.
Expert Opinions on the Future of Blockchains
However, opinions among experts remain divided. Matt Hougan pointed out that base chains are still well positioned, while critics, such as Jeff Dorman from Arca, have questioned the outdated 'Fat Protocol' approach, arguing it distracted developers from building real products.
Changes in the perception of cryptocurrency value may lead investors to favor application tokens more highly than the blockchains beneath them, indicating forthcoming shifts in crypto investments.
