协议收入与代币价值绑定，Bitwise预计加密资产估值至少翻倍
2026-08-13 05:32
Odaily Planet Daily News: Matt Hougan, Chief Investment Officer at crypto asset management firm Bitwise, stated that as protocol revenues are used to buy back or burn tokens, crypto asset valuations could at least double. Beyond Bitcoin, the crypto market is shifting toward revenue-driven models, but investors have yet to fully price in this change, leaving some assets undervalued.
Hougan pointed out that Hyperliquid, Uniswap, Aave, Pump.fun, and Lighter have already used fees to buy back tokens or remove them from circulation. He expects that over the next 12 to 24 months, DeFi applications and Layer-1 networks will adopt similar mechanisms.
Hyperliquid generated over $800 million in revenue last year, with approximately 99% used to buy back and burn HYPE. In the second quarter, its revenue reached $169 million, of which $141 million was used to repurchase HYPE. Aave DAO's buyback program acquired more than 205,000 AAVE tokens in the first 10 months.
Stani Kulechov, founder of Aave, said the team is designing an automated buyback mechanism, with all revenue from the Aave Protocol and GHO going to the AAVE token. Hougan believes that with a more accommodative regulatory environment in the U.S., regulatory guidance could support continued crypto market expansion even without the CLARITY Act. (Cointelegraph)
Hougan pointed out that Hyperliquid, Uniswap, Aave, Pump.fun, and Lighter have already used fees to buy back tokens or remove them from circulation. He expects that over the next 12 to 24 months, DeFi applications and Layer-1 networks will adopt similar mechanisms.
Hyperliquid generated over $800 million in revenue last year, with approximately 99% used to buy back and burn HYPE. In the second quarter, its revenue reached $169 million, of which $141 million was used to repurchase HYPE. Aave DAO's buyback program acquired more than 205,000 AAVE tokens in the first 10 months.
Stani Kulechov, founder of Aave, said the team is designing an automated buyback mechanism, with all revenue from the Aave Protocol and GHO going to the AAVE token. Hougan believes that with a more accommodative regulatory environment in the U.S., regulatory guidance could support continued crypto market expansion even without the CLARITY Act. (Cointelegraph)
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