A new thesis suggests that most crypto value is in apps, not blockchains, shifting investor behavior. The Fat App theory predicts apps will absorb more value than blockchain protocols. This could change how investors value layer-1 tokens. The market is already reflecting this shift, with application tokens outperforming core blockchain tokens.

Despite the Fat App narrative gaining traction, some, like Bitwise’s CIO, believe major layer-1 tokens are still well-positioned. Hyperliquid (HYPE) exemplifies application-level demand and has surged 1,636% in the past year. The debate on whether value accrues to blockchains or apps continues, influencing investor strategies.

Read more at Crypto Coin Media: ‘Fat Apps’ May Lead Crypto Narrative In Coming Months: Bitwise