A structure that directly links protocol revenue to token buybacks and burns could at least double cryptocurrency values, Bitwise CIO Matt Hougan said. He said the non-bitcoin market is being reshaped around network revenue, but investors have not fully priced in the shift. Hougan cited Hyperliquid, Uniswap and Aave as examples and said the model could spread across DeFi applications and layer-1 networks in 12 to 24 months.

Ethereum and Solana are considering ways to reduce token issuance, but demand is likely to be the key factor shaping prices, an analysis said. Galaxy Research said discussion is under way on revamping issuance structures on both networks, but where tokens go is determined by demand. Ethereum is weighing an EIP proposal to cut validator rewards as staking rises, while Solana is advancing governance proposals to accelerate disinflation and burn more fees.