Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
AAVE 
APT 
BTC 
HYPE 
SOL 
UNI 
LIT 
PUMP Bitwise Chief Investment Officer: Most crypto tokens are undervalued, and revenue repurchase trends may drive valuations to double
Matt Hogan, chief investment officer of asset management firm Bitwise, pointed out in a memo dated August 12 that with the exception of Bitcoin, most crypto tokens are currently undervalued. Investors have not yet realized how much revenue the agreement will now return to holders. He cited Hyperliquid as an example, saying it bought back and destroyed $1.3 billion worth of HYPE tokens. Hogan said that if this trend continues, the market's "valuations could double or even higher."
Tokens begin to be priced based on income
Over the years, the main criticism of cryptocurrencies has been that while the network can scale on a large scale, the tokens themselves capture very little value. "That era is over," Hogan said in a memo titled "The Income Revolution of Cryptocurrencies." He believes that tokens are starting to be priced based on income, just like stocks and bonds. Hogan clearly linked his valuation views to the increasingly strong link between agreement revenue and token prices. Bitwise said the memorandum only represents a current assessment and is not an investment recommendation.
Hyperliquid: Annual revenue exceeds US$800 million, and 99% of expenses are used for repurchase and destruction
Hyperliquid generated more than $800 million in revenue in the past year. According to the Bitwise memorandum, the decentralized exchange uses approximately 99% of its fees to purchase HYPE on the open market and destroy it. Since the tokens went online in November 2024, these purchases have permanently reduced the supply of HYPE with a market value of $1.3 billion. Hogan said that since its launch, HYPE's price has increased by about 800%, while Bitcoin's price has fallen by about one-third over the same period. He attributed part of HYPE's rise to buyers 'expectation that growth in transaction volume will directly drive destruction. Data shows that HYPE is currently trading at US$57.77, up 2.8% in the past seven days and 11.1% in the past 30 days.
Uniswap and Aave followed the Hyperliquid model
Uniswap first initiated the agreement fee in a vote on "Unification" in December 2025 and immediately destroyed 100 million UNIs (approximately US$590 million). It now generates about $100 million in annual revenue, all of which is used for repurchase. Aave plans to destroy about $30 million in AAVE annually, nearly one-fifth of its revenue, and has implemented an automated process called Aavenomics 3.0. Pump.fun has annual revenue of US$328 million and has destroyed US$370 million worth of PUMP as of April 2026. Lighter, the newer perpetual contract platform, bought back approximately 6% of its LIT supply on top of $67 million in revenue.
"Revenue craze" spreads to the public chain at the basic level
Hogan said that the "revenue boom" has spread to the basic public chain. The Solana community has proposed SGP-0003 to increase the cost of destruction to 14 times. Aptos has increased Gas fees tenfold this year, almost tripled online activity, and its annual token destruction volume has soared from about 90,000 to about 1.9 million. A January report found that shrinking supply had not reliably driven prices higher, and many tokens that were regularly repurchased still underperformed the market and failed to hold the bottom line. Even Hyperliquid broke its original "up but not down" pattern. Pump.fun at one point bought back more than 18% of its supply, but token prices hovered near lows. Hogan pointed out that token buybacks are different from stock buybacks in that token holders have no contractual rights to profits or assets, and governance parties can rewrite or change the economic model at any time.
