Bitwise CIO: Mainstream tokens are rapidly enhancing their value capture capabilities.

Bitwise CIO Matt Hougan wrote that the market is overlooking a key trend: mainstream tokens are rapidly enhancing their value capture capabilities. Hougan pointed out that UNI is pushing for a "fee switch," which, if approved, will allocate approximately 16% of transaction fees to burning UNI, potentially propelling it into the top ten by market capitalization. ETH's Fusaka upgrade (expected on December 3rd) will introduce minimum fees for L2 data recording, potentially increasing Ethereum's revenue by 5-10 times, but market discussion has been severely lacking. The XRP community is also exploring staking mechanisms, which could change its token economic structure. The new regulatory environment is driving the token economy from a "governance-oriented" to a "value capture" model, a shift that will become apparent in 2026.