---
title: "Crypto's 'Revenue Revolution' Could Double HYPE, UNI, AAVE Valuations, Bitwise Exec Says"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295804128.md"
description: "Bitwise CIO Matt Hougan predicts DeFi token valuations for HYPE, UNI, and AAVE could double as the crypto market shifts to a revenue-driven model. Following regulatory changes, projects like Hyperliquid, Uniswap, and Aave are generating significant revenue used for aggressive token buybacks and burns. Hougan compares this dynamic to Facebook's early ad era, arguing that current valuations are undervalued relative to earnings and supply reduction, presenting a gap for investors outside crypto."
datetime: "2026-08-13T13:00:11.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295804128.md)
  - [en](https://longbridge.com/en/news/295804128.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295804128.md)
generator: "portal-rs"
---

# Crypto's 'Revenue Revolution' Could Double HYPE, UNI, AAVE Valuations, Bitwise Exec Says

**Bitwise** Chief Investment Officer **Matt Hougan** on Wednesday said crypto is becoming a revenue-driven market and most investors have not noticed yet, creating a valuation gap that could double prices across major DeFi tokens.

### Why Does Hougan Say Crypto Valuations Look too Low?

Hougan wrote in a Wednesday Bitwise note that for years, the biggest criticism of crypto was that tokens generated no revenue for holders. 

That changed when **Paul Atkins** replaced **Gary Gensler** at the SEC and **Ripple** (CRYPTO: XRP) won its landmark case in August 2025. 

Revenue is now back on the table and the biggest crypto projects are moving fast to capture it.

### What Each Project Is Actually Doing

Each project runs the same playbook: generate real revenue, then use it to permanently buy and burn their own tokens, reducing supply the same way a stock buyback reduces share count.

#### Hyperliquid: $800M in Revenue, 99% Funneled Into Buybacks

Hyperliquid, as measured by **Hyperliquid Strategies Inc** (NASDAQ:PURR), generated over $800 million in revenue last year and uses roughly 99% of it to buy and burn HYPE tokens. 

Since launch, it has bought back $1.3 billion worth, permanently removing that supply from circulation.

#### Uniswap: A Record Burn and an All-Time-High Market Share

**Uniswap** (CRYPTO: UNI) burned 100 million UNI tokens worth roughly $590 million in December 2025 and now takes in about $100 million in annual revenue, all used to buy and burn more UNI. 

By July, its decentralized exchange (DEX) market share hit an all-time high, and the token is up 35% since July 1.

#### Aave and Pump.fun: Smaller Scale, Same Playbook

**Aave** (CRYPTO: AAVE) runs weekly buybacks through its Aavenomics 3.0 program and has repurchased more than 1.2% of total supply, targeting roughly $30 million in annual burns. 

Meanwhile, Pump.fun (CRYPTO: PUMP) has burned 36% of circulating supply and locked 50% of next year’s revenue into an irreversible buy-and-burn contract that cannot be paused or redirected.

### Why Does Hougan Think This Opportunity Still Exists?

Hougan compared the setup to Facebook before it turned on advertising, when bears argued users would leave if ads appeared. 

Nobody left, revenue followed users, and valuations followed revenue. He sees the same dynamic playing out in DeFi right now.

He said Uniswap matches **Coinbase** (NASDAQ:COIN) for spot trading volume but trades at just $2.4 billion in market cap. 

Aave and **Morpho** (CRYPTO: MORPHO) together dominate on-chain lending at a combined $2.4 billion. 

Hyperliquid trades at 17x to 60x earnings depending on supply calculation, which Hougan called cheap for a fast-growing global fintech brand at scale.

Hougan’s conclusion is straightforward — valuations could double or more once the revenue story reaches investors outside crypto who still assume these assets generate nothing.

*Image: Shutterstock*

### Related Stocks

- [PURR.US](https://longbridge.com/en/quote/PURR.US.md)
- [THYP.US](https://longbridge.com/en/quote/THYP.US.md)
- [COIN.US](https://longbridge.com/en/quote/COIN.US.md)

## Related News & Research

- [BUZZ-Regulatory momentum could boost timeline for broad launch of perpetual futures in US, RBC says](https://longbridge.com/en/news/296526434.md)
- [Stan Druckenmiller Reveals $23 Million PURR Bet as Hyperliquid Takes On Polymarket](https://longbridge.com/en/news/296126860.md)
- [PURR Surges Above $10 as Analysts Tout Hyperliquid Outperformance](https://longbridge.com/en/news/296636013.md)
- [Hyperliquid Stock Sees Continued Strength: What's Going On?](https://longbridge.com/en/news/296508676.md)
- [Trump to host crypto executives as SEC weighs regulations](https://longbridge.com/en/news/296358805.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**