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- UNI, ETH, and XRP are moving toward stronger value-capture mechanisms that directly benefit holders.
- Ethereum’s December Fusako upgrade may boost execution efficiency and staking returns.
- Matt Hougan expects 2026 to mark a major turning point for token economics.
The conversation around crypto value capture is shifting, and Bitwise CIO Matt Hougan believes the market hasn’t fully caught on. As prices slip in the latest pullback, Hougan argues that some of the most meaningful structural changes in years are unfolding beneath the surface — changes that could reshape token economics heading into 2026.
Rising Focus on Tokenholder Value
According to Hougan, many major tokens were originally designed in an era when regulators discouraged anything that looked like profit-sharing. To stay on the safe side, projects leaned heavily on governance models and avoided mechanisms that directly rewarded holders.
That environment is now changing. Hougan says updated regulations and maturing industry frameworks are giving teams more room to build investor-friendly features. As a result, value capture — how effectively a token channels economic activity back to its holders — is finally trending upward.
Uniswap’s Proposal Signals What’s Coming
One of the clearest examples, he noted, is Uniswap’s recent push to redesign how its UNI token works. A proposal introduced this month would introduce a protocol-level fee mechanism that burns a portion of trading fees and implements a new discount auction system aimed at boosting liquidity provider returns.
The market reacted quickly. UNI rallied after the proposal surfaced, and Hougan believes it could ultimately propel the token toward a top-10 market cap if implemented. The key shift, he says, is simple: economic activity on Uniswap may finally translate into direct benefits for UNI holders.
Ethereum and XRP Upgrades Add Momentum
Hougan also highlighted Ethereum’s upcoming Fusako upgrade, scheduled for early December. The upgrade improves the network’s execution layer and adjusts staking incentives — changes he believes could make ETH more efficient at capturing value and potentially position it to lead a broader market rebound.
XRP may follow a similar path. The community has begun exploring a staking model, which Hougan says would mark a meaningful change in how the token returns value to its holders.
Also Read: XRP ETF XRPC Surges $277M in Inflows—Could XRP Price Double by 2026?
Across UNI, ETH, and XRP, the underlying theme is the same: token economics are evolving. Hougan thinks the market is underestimating how quickly value capture is improving — and that by 2026, these upgrades could become powerful tailwinds.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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