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AAVE 
HYPE 
UNI Bitwise Chief Investment Officer: Cryptocurrency valuation at least doubled as agreement revenue is used for repurchase and destruction
Bitwise Chief Investment Officer Matt Hougan said that as more and more agreements use revenue for token repurchase and destruction, the valuation of cryptocurrencies may at least double. On Wednesday, Hogan pointed out that the cryptocurrency market outside Bitcoin is moving towards a revenue-driven model, with online activity directly driving the growth in the value of native tokens. He believes that the change that investors have not yet fully priced has led to the undervaluation of some crypto assets.
Hogan listed agreements such as Hyperliquid, Uniswap, Aave, Pump.fun and Lighter that use fee income to buy back or remove tokens from circulation. He expects similar revenue capture mechanisms to be widely adopted in decentralized finance (DeFi) applications and tier 1 networks over the next 12 to 24 months. Hogan said a stronger correlation between agreement revenue and token value would provide investors with traditional valuation metrics, but added that token holders lack shareholders 'legal rights to cash flow and community-set token economics could change at any time.
DeFi protocol converts fees into token requirements
Hyperliquid, a decentralized exchange, which had revenue of more than $800 million last year, used about 99% of its revenue to repurchase and destroy its tokens HYPE. On August 6, Hyperliquid reported second-quarter revenue of $169 million, of which $141 million was used for HYPE repos. Uniswap also approved activation agreement fees to fund the destruction of UNI tokens on December 22, 2025 after its "Unification" reform, thereby pegging revenue to tokens. Under this mechanism, fees collected can be claimed by destroying UNI, linking agreement activities to reduced token supply.
Meanwhile, Aave DAO's repurchase program has purchased more than 205,000 AAVE units in the first 10 months after its launch. On June 25, Aave founder Stani Kulechov said the team was designing an automated, non-discretionary repurchase mechanism. "100% of Aave Agreement and GHO revenue will be attributed to $AAVE tokens, which has been established in the 'Aave Will Win' proposal." Kurechev wrote. Hogan attributed the shift to a relaxing regulatory environment in the United States-years after projects avoided adopting revenue-sharing mechanisms due to concerns about securities laws. He said on August 5 that even without the CLARITY Act, regulatory guidance may allow cryptocurrencies to continue to expand.
