{"id":79446,"date":"2025-09-11T11:00:55","date_gmt":"2025-09-11T08:00:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79446"},"modified":"2025-09-11T11:06:12","modified_gmt":"2025-09-11T08:06:12","slug":"bitwise-identifies-the-next-major-narrative-in-the-crypto-market","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitwise-identifies-the-next-major-narrative-in-the-crypto-market\/","title":{"rendered":"Bitwise Identifies the Next Major Narrative in the Crypto Market"},"content":{"rendered":"<p><span data-descr=\"'Fat Apps'\" class=\"old_tooltip\">&#8216;Mega-apps&#8217;<\/span> could become the dominant theme in the crypto industry in the coming months, according to Bitwise&#8217;s Chief Investment Officer, Matt Hougan.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Just read through 10 research reports and crypto newsletters. My big takeaway: All the cool kids are talking about the &#8220;fat app&#8221; thesis. Feels like that could be a dominant theme in the coming months.<\/p>\n<p>\u2014 Matt Hougan (@Matt_Hougan) <a href=\"https:\/\/twitter.com\/Matt_Hougan\/status\/1965800933037945083?ref_src=twsrc%5Etfw\">September 10, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Just read 10 research reports on the crypto market. Main takeaway: all advanced investors are discussing the &#8216;mega-apps&#8217; theory,&#8221; he noted.<\/p>\n<\/blockquote>\n<p>Starkiller Capital <a href=\"https:\/\/www.starkiller.capital\/post\/the-rails-are-free-the-trains-make-money?utm_campaign=1bd9650f-c5fe-4d4d-b612-b29d6f428a89&#038;utm_source=so&#038;utm_medium=mail&#038;cid=cf9be755-98b1-4462-85d2-ba76a5750e7f\">confirmed<\/a> the trend&#8217;s relevance with real data: over the past year, the SOL\/BTC ratio has decreased by 16.11%, while application tokens like Hyperliquid have shown significant growth.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"499\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-404ed9dd856a90cc-3969970745525495-1024x499.png\" alt=\"image\" class=\"wp-image-265625\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-404ed9dd856a90cc-3969970745525495-1024x499.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-404ed9dd856a90cc-3969970745525495-300x146.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-404ed9dd856a90cc-3969970745525495-768x374.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-404ed9dd856a90cc-3969970745525495-1536x748.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-404ed9dd856a90cc-3969970745525495.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.coingecko.com\/en\/coins\/hyperliquid\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The most explosive growth is shown by applications, not protocols. A prime example is Hyperliquid. HYPE has become one of the highest-yielding tokens in the crypto market,&#8221; experts noted.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">What&#8217;s the Essence?<\/h2>\n<p>The new &#8216;mega-apps&#8217; theory challenges the idea of <span data-descr=\"'Fat Protocols'\" class=\"old_tooltip\">&#8216;mega-protocols&#8217;<\/span>, which was <a href=\"https:\/\/dune.com\/reallario\/fat-app-thesis\">proposed<\/a> by Joel Monegro in 2016. The latter suggested that the main value would ultimately be concentrated at the base level\u2014blockchains like Ethereum, Solana, or Avalanche, rather than in applications.<\/p>\n<p>However, as seen in the Dune chart, platforms like Polymarket and PumpSwap have gained more attention in recent years.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"483\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a58749c4d42d3996-3970010347115445-1024x483.png\" alt=\"image\" class=\"wp-image-265626\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a58749c4d42d3996-3970010347115445-1024x483.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-a58749c4d42d3996-3970010347115445-300x141.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-a58749c4d42d3996-3970010347115445-768x362.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-a58749c4d42d3996-3970010347115445-1536x724.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-a58749c4d42d3996-3970010347115445.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: Dune.<\/figcaption><\/figure>\n<p>The &#8216;mega-protocols&#8217; theory has been a subject of debate. In 2021, Arca&#8217;s Chief Investment Officer Jeff Dorman <a href=\"https:\/\/www.ar.ca\/blog\/revisiting-the-fat-protocol-thesis\">wrote<\/a> that it had not been confirmed. According to him, the reason lies in retail investors perceiving L1 blockchains as a simple index asset, while venture funds focus on larger market opportunities.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Venture funds still define cryptocurrency investments at early stages. They focus on market potential rather than financial valuations, seeking what &#8216;could be&#8217; rather than what &#8216;already is&#8217;,&#8221; he clarified.<\/p>\n<\/blockquote>\n<p>In February this year, Dorman stated that the &#8216;mega-protocols&#8217; theory had caused significant damage to the crypto industry.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">5) Fat protocol thesis has done major damage to crypto. It\u2019s nonsense, it causes every app to try to become an L1, it drives all VC dollars to L1s, &#038; it makes dead L1s worth $1 bn+<\/p>\n<p>A few L1s will win, but none will be worth more than the sum of the apps.<a href=\"https:\/\/t.co\/yEln7hy1fD\">https:\/\/t.co\/yEln7hy1fD<\/a><\/p>\n<p>\u2014 Jeff Dorman (@jdorman81) <a href=\"https:\/\/twitter.com\/jdorman81\/status\/1895215453817155618?ref_src=twsrc%5Etfw\">February 27, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;It&#8217;s absurd. It causes every app to try to become a first-level blockchain, all venture funds go to L1, and non-functioning projects are valued at billions of dollars,&#8221; he wrote.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Ongoing Disagreements<\/h2>\n<p>According to Dorman, only a few L1 networks will remain, and their value will not exceed the combined figure of all applications, he emphasized.<\/p>\n<p>However, Hougan does not share such a pessimistic view regarding first-level blockchains.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In my view, major L1s are in a winning position for the upcoming year. But Starkiller Capital&#8217;s arguments are justified and definitely worth considering,&#8221; he <a href=\"https:\/\/x.com\/Matt_Hougan\/status\/1965816157287665758\">noted<\/a>.<\/p>\n<\/blockquote>\n<p>Nevertheless, the expert acknowledged that the HYPE token has become a benchmark example of the new paradigm. According to him, the coin&#8217;s growth reflects demand at the application level.<\/p>\n<p>Earlier in September, Hyperliquid <a href=\"https:\/\/forklog.com\/en\/news\/hyperliquid-sets-new-revenue-and-trading-volume-records\">set a new record<\/a> for revenue and trading volume.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8216;Mega-apps&#8217; could become the dominant theme in the crypto industry in the coming months, according to Bitwise&#8217;s Chief Investment Officer, Matt Hougan.<\/p>\n","protected":false},"author":1,"featured_media":79447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"'Mega-apps' have surpassed 'mega-protocols' in popularity.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[949,25,1480,1138,839],"class_list":["post-79446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitwise","tag-blockchain","tag-blockchain-apps","tag-opinions","tag-trends"],"aioseo_notices":[],"amp_enabled":true,"views":"191","promo_type":"1","layout_type":"1","short_excerpt":"'Mega-apps' have surpassed 'mega-protocols' in popularity.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=79446"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79446\/revisions"}],"predecessor-version":[{"id":79448,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79446\/revisions\/79448"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79447"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}