Matt Hougan, Investment director at Bitwise, announced a noticeable increase in the role of tokenomics in modern cryptocurrency projects. Outside of the first cryptocurrency, investors are increasingly looking at the real revenue of protocols. Some projects are already actively returning the received income to token holders through the mechanisms of redemption and burning. Hougan recalled the main historical rebuke to this sector of the digital economy. The networks could successfully attract users and generate significant revenue, but these funds had almost no effect on the tokens themselves. The expert attributed this situation to the original design of bitcoin, which did not involve receiving passive income. An additional factor was the noticeable pressure of the Securities Commission on the industry in the period from two thousand seventeenth to two thousand twenty-fifth year.

The author called July two thousand twenty-three the turning point of the year, when the regulator lost the case against Ripple. Subsequent court decisions were mostly in favor of crypto projects. In August of the year two thousand twenty-five, both sides finally abandoned further appeals. By this time, the Commission had already been headed by Paul Atkins, and the regulator's approach to crypto assets had become more favorable. The top manager named the promising Hyperliquid project as the main example of the new model. Last year, this platform generated more than eight hundred million dollars in revenue. About ninety-nine percent of the revenue was used to buy and burn HYPE tokens. Since the launch of the token in November 2000, the platform has bought and burned assets worth one billion three hundred million dollars.

Hougan sees similar positive developments in other well-known protocols. In December 2000, Uniswap approved a special proposal with the support of over ninety-nine percent of the votes. The project burned one hundred million UNI tokens and included protocol fees. The Aave platform has been conducting regular weekly buybacks of its own tokens for a year and a half. In June 2000, this company launched the updated Aavenomics 3.0 program. Among the more aggressive examples, the author singled out the Pump fun project, which destroyed tokens worth three hundred and seventy million dollars. Hougan also mentioned the positive aspects of tokenomics of Lighter, Solana and Aptos projects. At the same time, the investment director clarified that crypto assets do not give holders the legal right to receive income. Tokenomics parameters can be freely changed by the decision of the communities themselves. Despite this, Hougan expects a further strengthening of the relationship between the revenue of the protocols and the market value of the tokens. For many years, low profitability has been the best argument against cryptocurrencies, but it will soon become their main advantage.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.