According to @MilkRoadDaily, onchain revenue dynamics have shifted as application-layer activity now surpasses protocol-level revenue for the first time in years. This real-time development confirms the 'Fat App Thesis,' highlighting a decisive move toward app-driven value accrual over protocol dominance. Traders should monitor this trend, as increased app-layer revenue could influence token valuations, especially for projects prioritizing user engagement and transaction volume (Source: @MilkRoadDaily, June 19, 2025).

According to Milk Road, the true value of cryptocurrency lies in its application within centralized apps, as per the 'Fat App Thesis'. This thesis suggests that the main utility of cryptocurrencies will be realized not through decentralized platforms but through centralized applications that leverage blockchain technology for efficiency and innovation. Milk Road emphasizes that these are more than just 'fat apps' as they integrate cryptocurrency to enhance user experience and operational functionality. This perspective could influence trading strategies by shifting focus towards projects that prioritize centralized application development. Source: Milk Road.