Bitwise CIO Points Out Token Value Capture Through Buybacks and Burns

Bitwise CIO Matt Hougan noted that the traditional view that tokens do not capture value is outdated. He mentioned several protocols that achieve value capture through buyback and burn mechanisms: Hyperliquid uses over 97% of its transaction fees for buybacks, totaling over $2 billion; Pump burns 36% of its supply and allocates 50% of its revenue for burns; Uniswap has burned 107 million UNI and activated its fee switch; Aave implements automatic buybacks; Aptos has a hard cap on supply and burns fees that have increased tenfold; Solana proposes to increase fee burns by 12-14 times. Hougan believes that the market has not yet fully repriced these changes.

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