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🚨 Crypto Valuations Are Starting to Shift Toward Revenue Bitwise CIO Matt Hougan believes the crypto market is gradually moving toward a new valuation framework — one increasingly tied to real protocol revenue and value returned to token holders. More projects are now finding ways to direct protocol income back to their communities through mechanisms such as token buybacks and burns. One standout example is Hyperliquid. The protocol generated more than $800M in revenue last year, with nearly 99% of fee income reportedly used for $HYPE buybacks and burns. Other major protocols, including Uniswap, Aave and Solana, are also exploring or developing models that connect token value more directly to protocol revenue. 💡 Why does this matter? If more crypto projects successfully capture and distribute real economic value, token valuations could gradually start looking more like traditional equity and fixed-income markets, rather than being driven primarily by speculation and narratives. The next phase of crypto may be less about “What’s the story?” and more about: “How much revenue does the protocol generate, and how much of that value reaches the token?” 👀 #CPIEasesHikeBets #AIInfraEarningsWatch