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HYPE 
UNI 
PUMP Bitwise Chief Investment Officer: Agreement revenue is driving the revaluation of crypto tokens and the market size may double
Bitwise Chief Investment Officer Matt Hougan issued a memorandum stating that agreement revenue is becoming the main driver of crypto token value, and the market has not yet priced this shift. Hougan said that as the agreement pegs revenue to native tokens through repurchase and destruction mechanisms, the valuation of crypto assets other than Bitcoin could at least double. He added that investors have not yet fully digested the shift to income-driven token economics.
How the agreement returns revenue to tokens
Hougan cited Hyperliquid, Uniswap, Aave, Pump.fun and Lighter as examples in the memorandum, stating that these projects are using fees or other agreement revenue to fund token purchase or destruction. Hyperliquid is a typical case. The decentralized exchange generated more than $800 million in revenue last year and spent about 99% of that on the purchase and destruction of $HYPE. On August 6, the agreement reported second-quarter revenue of $169 million and said it had spent $141 million on HYPE repurchases. Since its launch, Hyperliquid has destroyed $1.3 billion worth of HYPE.
Uniswap took a different path. The Unification proposal activates protocol fees on the largest decentralized exchange in the crypto space and destroys millions of $UNIs, transforming the token from a purely governance mechanism into a value-accumulating asset. On December 28, 2025, approximately 100 million UNIs were destroyed in a transaction, valued at the time between US$590 million and US$596 million. The memorandum states that Uniswap has since destroyed another 7 million UNIs, generating approximately US$100 million in annual revenue.
Pump.fun has also made significant progress in shrinking supply. As of April 2026, Pump.fun has destroyed US$370 million worth of $PUMP, equivalent to 36% of circulating supply, and has locked half of next year's net income in buying and destroying contracts, with annual revenue estimated at US$328 million.
Structural shifts and their limitations
Hougan expects that more DeFi applications and Layer 1 networks will adopt a similar structure in the next 12 to 24 months. He attributed the trend in part to a more relaxed regulatory environment in the United States, which reduces friction on the revenue-sharing function. However, this argument is not without limitations. Hougan pointed out that token holders do not have the same legal rights over cash flow as traditional shareholders, and many token economics structures can be modified by the community. Repurchase and destruction plans are not legally binding allocations, and destruction rates are still closely related to transaction volume, which can fluctuate sharply with overall market sentiment.
Still, the direction is becoming clearer. As more and more networks convert agreement revenue into token buybacks and destruction, the valuation framework for crypto assets may face updates-a shift that Hougan believes has not yet been fully absorbed by the market.
