cryptoappreciation

Listen, do you remember how we all used to think that the main thing in crypto was to buy the right blockchain, like Ethereum or Solana? It's like buying a plot of land in a promising area and waiting for its price to skyrocket. This was called the "fat protocol thesis" — everyone believed that the main money was deposited at the level of the underlying blockchains, and the applications on them were just a trifle.
But now there is an interesting turnaround in the industry. A counterargument appears — the "tolstoy application thesis". Its proponents believe that the real value is created by applications with real users and sustainable revenues, and not by abstract protocols.
A vivid example is the history of Hyperliquid. Their HYPE token has shown impressive growth precisely because of the active use of the platform, and not because they created another blockchain. The value was determined by trading volume, user activity, and real demand—that is, by specific metrics, not technological promises.
Analysts from Bitwise and Starkiller Capital confirm this trend. Their data shows that application tokens show more significant growth compared to native blockchain tokens. At the same time, even skeptics admit that the old "fat protocol" approach often leads to investments in underused networks to the detriment of the development of real products.
What is really important in this discussion is the shift in focus from the technological component to the user value. Hyperliquid has clearly shown that growth can be driven by user activity, rather than just a "place on the blockchain."
If this trend intensifies, we may have to reconsider our investment strategies. Instead of evaluating the technology stack, investors can start paying more attention to such parameters as:
Number of active usersTransaction volumesThe real income of the applicationUser retention
Do you think this new logic has any basis? Maybe it's really worth paying more attention to applications that solve users' real problems, rather than just following the old "blockchains first" paradigm?
#blockchain #blockchains #CryptoNewss #CryptoAppreciation