## Is the "Cash Flow Secret" of Leading Coins Being Underestimated? Bitwise CIO Analyzes the 2026 Shift in Token Economics

Bitwise Investment Management's Chief Investment Officer Matt Hougan recently pointed out that the market may be missing an important signal—the value capture mechanism of mainstream tokens is quietly upgrading. This is not just a technological iteration, but a fundamental shift in token economics from purely governance attributes to a cash flow model.

**UNI's "Fee Switch": The Night Before the Activation of the Burn Mechanism**

Uniswap(UNI) currently has a circulating market cap of $3.29B, and its ecosystem is pushing forward a key proposal—activating the "Fee Switch." Once approved, approximately 16% of each transaction fee will be directly burned, creating a continuous token destruction cycle. This design is akin to giving UNI an "automatic buyback + burn" mechanism. Matt Hougan believes this reform could trigger UNI to enter the top ten by market cap—not because of hype, but due to real profit-sharing logic.

**Ethereum Fusaka Upgrade: The Overlooked Revenue Engine**

In contrast, Ethereum(ETH)'s upcoming Fusaka upgrade may be more easily overlooked by the market. According to plans, the upgrade is scheduled for December 3rd, with its core innovation being the introduction of a minimum fee mechanism for L2 data recording. This change may seem highly technical, but it actually means that Ethereum validators' income could increase by 5 to 10 times. In other words, it’s a mechanism that transforms network performance into on-chain revenue. Currently, ETH is priced at $2.95K, but the long-term value of this upgrade has yet to be fully priced in.

**XRP Staking Exploration: Reshaping the Token Economy Structure**

Ripple(XRP) community is also conducting its own experiment. Developers are exploring the introduction of a staking mechanism, which will fundamentally change XRP’s token economic structure. Currently, XRP is priced at $1.93. Once the staking mechanism is activated, holders will be able to earn rewards by participating in validation, further strengthening the token’s value capture function.

**Market Shift: The Turning Point from Governance to Cash Flow**

These changes reflect a larger narrative shift. The old token economics focused on governance rights, but in the new environment, regulatory friendliness and policy tilt are driving the entire market to reassess—what is the true source of token value? Matt Hougan predicts that this shift will be fully reflected by 2026, when tokens with genuine cash flow and profit-sharing mechanisms will be revalued.