Haciyev Reşit 
As the crypto market faces sharp pullbacks, Bitwise’s Chief Investment Officer Matt Hougan has shared important insights highlighting long-term structural changes. According to Hougan, many investors are overlooking a critical shift happening beneath the market turbulence: major tokens are increasingly transitioning to models that capture real value, rather than serving merely as governance tools. Recent developments in the UNI, ETH, and XRP ecosystems demonstrate that tokenomics is evolving toward genuine revenue-sharing structures.
UNI’s Critical Turning Point: “Fee Switch” Could Push UNI Into the Top 10
Hougan places special emphasis on Uniswap’s proposed fee switch. If the community approves this proposal:
- Roughly 16% of trading fees will be allocated to UNI token burns
- This supply reduction would significantly enhance UNI’s long-term value capture
According to the CIO, if the mechanism goes live, UNI could enter the top 10 tokens by market capitalization. Hougan stressed that market uncertainty has caused many investors to ignore this development, even though it represents a “multi-year structural transformation.”
Ethereum: The Fusaka Upgrade Could Transform ETH’s Revenue Model
Another major development highlighted by the Bitwise CIO is the Fusaka upgrade, expected to activate in early December. This upgrade has the potential to significantly reshape Ethereum’s economic design.
Key expected effects include:
- A minimum data fee implemented for Layer-2 networks
- A new model that could boost Ethereum’s revenue by 5–10×
- A major upgrade that the market has not yet priced in
If Fusaka goes live on December 3 as planned, ETH could become the leading asset driving the next market recovery. Hougan also noted that despite ETH’s weak price performance this cycle, its underlying fundamentals have strengthened considerably.
XRP: Staking Models and a Shift Toward Revenue Sharing
Hougan noted that the XRP ecosystem, like other major networks, is working to strengthen its token value-capture mechanisms. Discussions around staking-based revenue models suggest that XRP may evolve beyond being merely a payments asset.
Within the community, the idea that XRP could become a yield-generating asset — rather than just a transfer tool — is gaining traction. Hougan emphasized that this transformation would accelerate once regulatory clarity improves. As the U.S. and global regulatory landscapes become clearer, XRP may move toward a more institutionally aligned structure.
Value-Capturing Token Economies Will Become Clearer by 2026
Hougan warned that short-term price declines should not mislead investors. In his view, the mechanism shifts unfolding across major projects like UNI, ETH, and XRP will become the dominant theme of 2026. As he explains:
“Market chaos is overshadowing big news. But the move toward tokens that capture real revenue is one of the most important long-term transformations. This shift will define the leading projects of the next cycle.”
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