Bitwise CIO: 'Tokens Don't Capture Value' Argument Is Outdated as Protocols Buy Back and Burn

Matt Hougan, chief investment officer at Bitwise, said in a social media post that the traditional view that 'tokens don't capture value' is outdated. In the post, he argued that the old view no longer applies to the protocols he listed. According to Hougan, several protocols are now capturing value through buyback and burn mechanisms. He mentioned that Hyperliquid applies more than 97% of its fees to buybacks, with cumulative buybacks exceeding $2 billion. He also mentioned that Pump has burned 36% of its supply and has locked 50% of its revenue for burning. In addition, he noted that Uniswap has burned 107 million UNI and activated its fee switch. Hougan pointed out that Aave has automatic buybacks in place. He added that Aptos has a hard supply cap and burns an amount equal to 10 times its fee growth. Finally, he said Solana is proposing to increase fee burns by 12 to 14 times. Hougan believes the market has not yet fully repriced these changes. His remarks were reported by ChainCatcher.