The "fat protocol" theory, which suggested that value in the cryptocurrency space would primarily flow to underlying blockchains, has evolved. By 2026, value is increasingly directed towards "control points" such as user interfaces, trading venues, and entities capable of tokenizing assets. These areas are capturing significant fees regardless of which blockchain or application prevails. Leading the charge in various sectors are entities like Phantom, which dominates the Solana wallet market with an annualized revenue of $105 million, and Ethereum, which remains a core settlement layer with $300 million in annual revenue. Hyperliquid has monopolized the perpetual contracts market, generating up to $1 billion annually, while Aave leads in DeFi lending with $115 million in revenue. Other notable players include BlackRock BUIDL in RWA protocols, EigenLayer in restaking, and Tether in stablecoin issuance, each capturing substantial market share and revenue. These developments highlight a shift towards platforms and protocols that control liquidity, user intent, and financial settlements, marking a new era in the cryptocurrency landscape where value is concentrated in strategic "fat" areas.