‘Mega-Apps’ Could become the dominant theme of cryptographic industry in the coming months, according to Bitwise’s investment director Matt Hougan.
Just read 10 research reports and cryptographic newsletters. My big point to remember: all cool children talk about the thesis of “fat app”. It looks like this could be a dominant theme in the coming months.
– Matt Hougan (@matt_hougan) September 10, 2025
“Just read 10 research reports on the cryptography market. Main to remember: all advanced investors discuss the theory of “mega-apps”, “he noted.
Starkiller Capital has confirmed the relevance of the trend with real data: in the past year, the Sol / BTC ratio decreased by 16.11%, while application tokens and hyperliquid showed significant growth.
“The most explosive growth is shown by applications, and not protocols. An excellent example is hyperliquidal. Media threw has become one of the most yields on the cryptography market,” said experts.
What is the essence?
The new theory of “mega-appliations” calls into question the idea of “Mega-Protocols”which was proposed by Joel Monegro in 2016. The latter suggested that the main value would ultimately be concentrated at the base – blocks like Ethereum, Solana or Avalanche, rather than in applications.
However, as the dunes table shows, platforms like Polymarket and Pumpswap have attracted more attention in recent years.
The theory of “mega-protocols” has been the subject of debate. In 2021, Arca’s director of investments, Jeff Dorman, wrote that he had not been confirmed. According to him, the reason lies in retail investors perceiving L1 blockchains as a simple index asset, while venture capital funds focus on larger market opportunities.
“The venture capital funds still define the investments of cryptocurrencies in the early stages. They focus on market potential rather than financial assessments, seeking what “could be” rather than what “already”, “he said.
In February of this year, Dorman said that the theory of “mega-protocols” had caused significant damage to cryptographic industry.
5) The thesis of the fat protocol caused significant damage to the crypto. It is a nonsense, it makes it that each application tries to become an L1, it leads all the dollars VC in L1, and it makes mortal L1s worth $ 1 billion +
Some L1 will win, but none will be worth the sum of the applications.
– Jeff Dorman (@ jdorman81) February 27, 2025
“It is absurd. It is that each application tries to become a first-level blockchain, all venture capital funds go to L1, and non-functional projects are assessed at billions of dollars,” he wrote.
Disables in progress
According to Dorman, only a few L1 networks will remain and their value will not exceed the combined figure of all applications, he stressed.
However, Hougan does not share such a pessimistic vision concerning first -level blockchains.
“In my opinion, the main L1s are in a winning position for the coming year. But the arguments of Starkiller Capital are justified and certainly deserve to be considered,” he noted.
However, the expert recognized that the media threshing token has become an example of the new paradigm. According to him, the growth of the part reflects demand in terms of application.
Earlier in September, Hyperliquid set a new record for income and commercial volume.
Нашли шибку В тексте? Выtern
Рассылки forklog: держите ра Пльсе биткоин -индустрии!
