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

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.

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