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.

Standard Chartered said its $100 2030 price target for Uniswap’s UNI token may be too low as fee revenue on Robinhood Chain is rapidly feeding into token buybacks and burns. It cited a jump in Uniswap protocol revenue from late July to mid-August, under a “Unification” upgrade that uses revenue for UNI purchases and burns. UNI was last at $3.53, down over the past week, with a $2.2 billion market value.