Bitwise CIO Says DeFi Tokens Have Yet to Price In Tokenomics Changes

Bitwise Chief Investment Officer Matt Hougan said DeFi projects are increasingly directing revenue toward token holders, a shift he believes has yet to be fully reflected in valuations.

Hougan told Cointelegraph that Hyperliquid uses 99% of its platform revenue to buy back its token, an approach he said the market has rewarded.

He also pointed to changes across other DeFi projects. Uniswap is increasing value capture for UNI, while Aave has removed the separation between its equity and token. Morpho and Chainlink are also improving their tokenomics, according to Hougan.

Hougan said the market has not fully repriced the changes, leaving some DeFi assets trading at what he considers relatively low valuations.

Source: Cointelegraph