Bitwise’s Matt Hougan says tokens are getting better at returning value to holders, and Ethereum’s Fusako upgrade could “increase token value capture.”
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Crypto tokens are becoming increasingly efficient at capturing value, thanks in part to new regulations and upgrades, which could send prices surging in 2026, according to Bitwise chief investment officer Matt Hougan.
Hougan in an X post on Saturday that in the , big news is getting lost, such as the level of value capture in digital assets trending upward.
“Most of today’s tokens were created in a regulatory era where value capture was risky; as a result, they defaulted to vague governance-style design choices,” he said.
“Under the new regulatory climate, that’s being unwound. I think we’ll start to feel this effect in 2026.”
Uniswap rallied after investor-friendly proposal
Uniswap (), the native token behind the crypto protocol of the same name, after the Uniswap Foundation and Uniswap Labs introduced a proposal to make the token more attractive as an investment.
Among the ideas being floated were a protocol-level fee and building a Protocol Fee Discount Auctions system to increase liquidity provider returns.
Hougan said this is one of the most obvious examples of a token trying to capture value, and predicts that if the proposal passes, it could send UNI into the top ten by market cap in the future.
“The big knock on UNI has always been that it is a governance token. Uniswap is great, but activity on Uniswap didn’t benefit UNI tokenholders,” he said.
“Except now, UNI is considering flipping the fee switch. If the vote goes through, ~16% of trading fees will be used to burn UNI. I suspect this will push UNI toward being a top 10 token by market cap over time.”
Fusaka upgrade could see Ether lead rebound
Hougan also pointed to as a catalyst that could “significantly increase token value capture.”
The and will roll out upgrades to Ethereum’s execution layer and improvements to staking economics, among other upgrades.
“I suspect the market will start to orient around the positive impacts of Fusaka soon, particularly if it’s delivered Dec. 3 as expected. It’s an under-appreciated catalyst and one reason ETH could lead the crypto rebound,” Hougan said.
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XRP staking rewards also a boon
Hougan said Ripple’s XRP () token is also on the road to increasing its value capture with discussions around a staking addition.
“You see a growing focus on value capture in XRP as well. The community is starting to consider ideas like staking, which would change the economics for tokenholders,” he said.
“The connecting thread: The level of value capture in digital assets is up only from here. I think people look at token value capture as static. It’s not.”
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