Matt Hougan, Chief Investment Officer at Bitwise, said the crypto market is moving toward a model where revenue plays a decisive role in token valuations. He cited Hyperliquid as a leading example, with over $800 million in revenue generated last year and roughly 99% of fees directed toward buying HYPE on the open market, representing approximately $1.3 billion in tokens bought and burned since launch. Uniswap and Aave have also adopted this model, using revenue to buy back and burn their respective tokens. Hougan believes investors have not yet fully priced in this shift, which explains why many crypto assets currently trade below their potential value.
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