On August 16th, SuZhu wrote on X that the "fat application" theory has become a reality. Pumpfun and Hyperliquid have adopted a business model that involves efficient and low-risk venture capital (VC) participation. As a single application, they have taken the lead on Solana and Arbitrum, controlling most of the on-chain value. SuZhu predicts that there will be more similar applications in the future, and a new wave of cryptocurrency adoption is coming.