**[Bitwise Executive: "Fat Applications" May Become the Mainstream Narrative in a Few Months]** According to a report by Jinse Finance, a new perspective is gaining traction, suggesting that most of the value in today's cryptocurrencies is not captured by the blockchain itself but is concentrated at the application layer. This trend has become increasingly evident with the rise of Hyperliquid and could potentially change investor behavior in the coming months. "Everyone is now talking about the 'fat applications' theory. I think this could become the dominant topic in the next few months," Bitwise Chief Investment Officer Matt Hougan wrote in a post on the X platform on Wednesday. The "fat applications" theory posits that future crypto applications will absorb more value than the underlying blockchain protocols. Hougan explained, "I suspect this kind of perspective 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."