Crypto valuations outside Bitcoin could at least double over the next 12 to 24 months as decentralized finance applications and layer-one networks adopt revenue-capture mechanisms, according to Bitwise chief investment officer Matt Hougan.
Hougan said on Aug. 13 that the crypto market excluding Bitcoin is transitioning to a revenue-driven model where network activity directly fuels token value—a shift he believes investors have not yet fully priced in.
He identified Hyperliquid, Uniswap, Aave, Pump.fun and Lighter as protocols already implementing these strategies. These platforms use collected fees to repurchase or burn native tokens, creating demand while reducing supply.
Hyperliquid, a decentralized perpetuals exchange, generated over $800 million in revenue last year, directing approximately 99 percent to HYPE token buybacks and burns. In the second quarter, the protocol reported $169 million in revenue with $141 million allocated to HYPE buybacks.
Uniswap integrated revenue into token value following its "UNIfication" overhaul, approved Dec. 22, 2025. Collected fees can now be claimed by burning UNI tokens, directly linking protocol activity to supply reduction.
Aave DAO's buyback program has acquired more than 205,000 AAVE tokens within its first 10 months. On June 25, Aave founder Stani Kulechov announced the development team was designing an automated, non-discretionary buyback mechanism. "100% of Aave Protocol and GHO revenue goes to the $AAVE token," Kulechov said. "This was established in the Aave Will Win proposal."
Hougan attributed the broader tokenomics shift to a more permissive regulatory environment in the United States. For years, projects largely avoided revenue-sharing features due to securities law concerns. He noted on Aug. 5 that current regulatory guidance could facilitate continued crypto sector expansion even without passage of the CLARITY Act.
