According to Bitwise Chief Investment Officer Matt Hougan, thanks to new regulations and upgrades, crypto tokens are becoming increasingly efficient in value capture, which could drive prices to soar in 2026.
Hougan stated in a post on the X platform on Saturday that amidst the chaos of the current market correction, some significant news has been overlooked, such as the rising trend in the value capture levels of digital assets.
"Most tokens are born in a regulatory era where value capture is risky; as a result, they default to adopting vague governance style design choices," he said.
Uniswap, the native token of the eponymous crypto protocol, surged earlier this month after a proposal was put forward by the Uniswap Foundation and Uniswap Labs to make the token more attractive to investors.
The proposed ideas include introducing a fee mechanism at the protocol level to burn tokens and building a "Protocol Fee Discount Auctions" system to enhance returns for liquidity providers.
Hougan stated that this is one of the most obvious examples of tokens attempting to capture value and predicted that if the proposal passes, it could push UNI into the top ten by market capitalization in the future.
"The biggest criticism of UNI has always been that it is just a governance token. Uniswap is great, but the activity on Uniswap hasn't benefited UNI holders," he said.
Hougan also pointed out that Ethereum's Fusako upgrade could become a catalyst for "significantly increasing token value capture."
The Fusako mainnet upgrade is expected to launch in December and will introduce upgrades to the Ethereum execution layer and improvements to staking economics, among other upgrades.
"I suspect the market will soon adjust around the positive impact of Fusaka, especially if it delivers as expected on December 3. This is an underestimated catalyst and one reason Ethereum may lead a crypto recovery," Hougan said.
Hougan noted that the XRP token is also on the path to enhancing its value capture through the potential addition of staking features.
"You will also see increasing attention on XRP in terms of value capture. The community is starting to consider ideas like staking, which will change the economic situation for token holders," he said.
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Original article: “Bitwise Chief Investment Officer: Rising Value Capture of Crypto Tokens May Drive Market Rebound in 2026”
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