From Cointelegraph. May 20, 2025 11:00 am:

The crypto industry must prioritize both blockchains and DApps for long-term value generation. Analysts should view them as collaborating entities rather than separate entities. “Fat Protocols” theory by Joel Monegro explains how underlying protocols accumulate more value than applications in the blockchain world. Recent research shows that DApps are generating more onchain fees than blockchains, proving their value and growth potential. Blockchains serve as the trust anchor for DApps, essential for transparent and secure transactions. The rise of modular app chains highlights the importance of blockchain architecture in supporting decentralized applications. In the crypto market, blockchains are more valuable than individual applications due to their foundational role in the industry.

Read more at Cointelegraph: The crypto market values chains more than standalone applications