Bitwise CIO Matt Hougan says the market📊 is overlooking a key trend:
Major tokens are rapidly improving value capture. $UNI is moving toward a fee switch that would burn 16% of trading fees, ETH’s Fusaka upgrade (expected Dec. 3) could 5–10x revenue by adding a minimum L2 data fee, and the $XRP community is exploring staking.
Hougan says new regulation is shifting tokens from governance toward value capture, a trend that will become clear in 2026.
