According to Bitwise Chief Investment Officer Matt Hougan, crypto valuations could at least double as protocols increasingly use their revenue to fund token buybacks and burns. He expects DeFi applications and layer-1 networks to adopt similar revenue-capture mechanisms over the next 12 to 24 months. Hyperliquid, which generated over $800 million in revenue last year, uses approximately 99% of that to buy and burn its HYPE token. Uniswap also linked its revenue to the UNI token starting December 22, 2025, while Aave redistributes 100% of its protocol and GHO revenue to AAVE holders. Hougan attributes this shift to a more permissive regulatory environment in the US after years in which projects avoided these mechanisms over securities-law concerns.
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