• Crypto projects have started returning a portion of revenue to token holders through buybacks and burns.
• Hyperliquid, Uniswap, and Aave are already using protocol revenue to support their tokens, Matt Hougan said.
• Bitwise’s CIO believes the market has not yet fully priced this shift into crypto asset valuations.

Bitwise Chief Investment Officer Matt Hougan said the crypto market is moving toward a model in which asset value will increasingly depend on the revenue generated by the underlying protocols.

He said that the key challenge in valuing crypto assets used to be whether token holders actually captured economic upside from a project’s success. Now, more and…