Bitwise CIO Matt Hougan said crypto is becoming increasingly revenue driven as projects including Hyperliquid, Uniswap and Aave direct revenue toward token buybacks and burns.

Hyperliquid, Uniswap and Aave are among protocols using fees to create demand for their native tokens.

Bitwise CIO sees crypto valuations doubling as decentralized finance apps and protocols adopt revenue-driven token buybacks.