Bitwise CIO Matt Hougan believes the crypto market is overlooking one of the most important structural shifts currently underway: major tokens are rapidly improving the way they capture value.
In a detailed thread, Hougan argues that despite the noise of the recent market pullback, a quiet but powerful transformation is taking place across Uniswap (UNI), Ethereum (ETH), and XRP, one that could reshape token economics beginning in 2026.
A New Trend: Tokens Are Becoming More Valuable by Design
Hougan says the current market drawdown has buried several catalysts that, in his view, significantly strengthen long-term fundamentals. He highlights a broader shift away from old governance-token models and toward mechanisms that allow token holders to participate directly in protocol revenue.
In the past, most tokens avoided explicit value capture because regulators viewed it as risky. As a result, many projects defaulted to vague governance-based structures. Hougan argues that the regulatory landscape is evolving, and tokens are beginning to adopt clear, revenue-linked mechanisms, something he believes investors haven’t fully priced in yet.
“This is not static,” he emphasized. “The level of value capture in digital assets is only going up from here.”
UNI: The Biggest Immediate Shift
Hougan identifies Uniswap’s UNI as the clearest example of this new era. The long-standing criticism of UNI was that it acts purely as a governance token, offering little direct benefit from the activity generated on the world’s largest decentralized exchange.
That dynamic may be about to change.
6/ I suspect the market will start to orient around the positive impacts of Fusaka soon, particularly if its delivered Dec. 3 as expected. It’s an under-appreciated catalyst and one reason ETH could lead the crypto rebound.
— Matt Hougan (@Matt_Hougan) November 22, 2025
Uniswap governance is preparing to vote on flipping the long-debated “fee switch.” If approved, roughly 16% of trading fees would be burned, introducing the first direct economic link between protocol usage and token value.
Hougan believes this could eventually propel UNI into the top 10 cryptocurrencies by market cap. “Uniswap is great, but activity didn’t benefit UNI holders,” he said. “Now that could change dramatically.”
ETH: The Fusaka Upgrade Could Multiply Revenue
Ethereum is also on the verge of a major value-capture breakthrough. The upcoming Fusaka upgrade, expected on December 3, introduces a minimum fee for recording Layer-2 data, among other improvements.
Hougan explains that this change alone could 5–10x the revenue captured by Ethereum, thanks to the explosive growth of Layer-2 networks that post data back to the main chain. Digital Assets Research recently highlighted this upgrade as one of Ethereum’s most under-appreciated catalysts.
Hougan believes that once markets recognize what Fusaka actually does, ETH could lead a broader crypto rebound.
XRP: Staking Conversations Gain Momentum
Hougan also points to a growing focus on value capture within the XRP community. Discussions around staking mechanisms, an idea previously absent from XRP’s design, are beginning to enter community and developer conversations.
If implemented, staking would significantly alter the economics of holding XRP by introducing yield-based incentives similar to ETH and other proof-of-stake assets.
While the concept is still early, Hougan believes it reflects a wider shift: token communities are actively exploring ways to reward long-term holders rather than relying solely on governance or utility.
2026: The Year Value Capture Becomes Impossible to Ignore
Hougan concludes that the market has misunderstood or ignored how quickly token designs are evolving. Most of today’s large assets were created in a different regulatory and technological era, one where value capture was avoided. That era is ending, he says.
He expects 2026 to be the year investors finally begin to feel the full impact of these changes.
“In the chaos of this pullback, big news is being missed,” Hougan said. “But value capture is rising fast. The future economics of UNI, ETH, and XRP could look very different—and much stronger, than what people assume today.”
