Odaily Planet Daily News Su Zhu wrote in X that the "fat application" theory has become a reality. Both Pumpfun and Hyperliquid have adopted a high-efficiency, low-risk investment (VC) business model, and as a single application, they have dominated Solana and Arbitrum and controlled most of the value on the chain. Su Zhu predicts that more similar applications will appear in the future, and a new wave of cryptocurrency adoption is coming.