Internet reports that a new idea is gaining popularity, which holds that the value of most cryptocurrencies today is not captured by the blockchain itself, but is concentrated at the application level. This trend has become increasingly evident with the rise of Hyperliquid and could 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 Chief Information Officer Matt Hougan wrote in a Wednesday X post. The "fat application" theory believes that in the future, cryptographic applications will absorb more value than the underlying blockchain protocol. Hogan explained: "I suspect that this kind of opinion will appear in the mainstream media within 1-3 months. Therefore, I think this is a thinking model worth keeping in mind to help everyone better observe the development of the encryption industry."