Bitwise CIO says UNI, ETH, and XRP are improving value capture through fee burns, staking, and Fusaka upgrade, with effects clear by 2026.
Major crypto tokens are undergoing changes that could improve value capture for holders. UNI, ETH, and XRP are implementing updates that affect revenue and staking potential.
Bitwise CIO Matt Hougan says these developments are being overlooked amid current market volatility. Observers expect the trend toward value capture to become clear by 2026.
UNI, ETH, and XRP Moving Toward Stronger Value Capture
UNI is moving toward a fee switch that could burn roughly 16% of trading fees.
Previously, UNI acted mainly as a governance token and did not benefit directly from Uniswap’s activity. Hougan suggests that if the vote passes, UNI could become a top 10 token by market capitalization over time.
ETH is preparing for the Fusaka upgrade, estimated for December 3, which could significantly increase value capture. The upgrade introduces a minimum fee for recording data from Layer 2 networks.
Hougan said this change, combined with other updates, could increase ETH’s revenue capture by 5–10 times.
XRP’s community is exploring staking as a way to improve token economics. Staking would provide holders with new ways to capture value directly.
According to Hougan, these updates reflect a broader market shift from governance toward tangible value capture.
1/ One source of alpha is recognizing big news that gets lost in the shuffle. In the chaos of the current market pullback, a lot is getting lost in the shuffle.
One example: Tokens are getting much better at capturing value. I’ll cover three examples: UNI, ETH, and XRP.
— Matt Hougan (@Matt_Hougan) November 22, 2025
Regulatory Shifts Encouraging Token Value Capture
Most of today’s tokens were created under a regulatory era where direct value capture was risky. As a result, many defaulted to governance-focused designs.
Hougan says the new regulatory climate is starting to reverse this trend.
The changes in UNI, ETH, and XRP reflect this shift toward economic utility. Fee burns, minimum L2 data fees, and staking all increase direct benefits for token holders.
Hougan expects this trend to become evident in 2026.
Investors may increasingly evaluate tokens based on value capture rather than governance or speculative activity. These updates show that token economics are evolving to reward holders more directly.
The market may soon orient around these economic improvements.
Related Reading: Bitwise CEO Says Four-Year Crypto Cycle Is Dead
Market Implications for Investors
Recognizing token upgrades and staking proposals could be a source of alpha, according to Hougan.
UNI, ETH, and XRP are implementing mechanisms that provide holders with more direct revenue benefits. Investors may start to reprice tokens based on expected value capture rather than past governance structures.
The Fusaka upgrade for ETH could make Layer 2 data fees a significant revenue source. Similarly, UNI’s fee switch may increase scarcity through token burns.
XRP staking proposals may create a new way for holders to earn rewards directly.
Hougan emphasizes that value capture is not static; it is increasing across these tokens. As updates roll out, holders could benefit from more predictable economic returns. This trend may reshape how investors assess crypto assets over the next year.