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.
2/ UNI is the most obvious. The big knock on UNI has always been that it is a governance token. Uniswap is great, but activity on Uniswap didn’t benefit UNI token holders.
3/ Except now, UNI is considering flipping the “fee switch.” If the vote goes through, ~16% of trading fees will be used to burn UNI. I suspect this will push UNI toward being a top 10 token by market cap over time.
4/ ETH is also taking steps to increase value capture. Specifically, the coming Fusaka upgrade (est. December) significantly increases token value capture. Surprisingly, almost no one is talking about this.
5/ Among other things, Fusaka introduces a minimum fee for recording data from Layer 2s. @DigitalAssets wrote a great report on this. Together with other important changes, this could 5-10X revenue capture by the blockchain.
6/ I suspect the market will start to orient around the positive impacts of Fusaka soon, particularly if its delivered Dec. 3 as expected. It’s an under-appreciated catalyst and one reason ETH could lead the crypto rebound.
7/ You see a growing focus on value capture in XRP as well. The community is starting to consider ideas like staking, which would change the economics for token holders.
8/ The connecting thread: The level of value capture in digital assets is up only from here.
I think people look at token value capture as static. It's not.
9/ Most of today’s tokens were created in a regulatory era where value capture was risky; as a result, they defaulted to vague governance-style design choices. Under the new regulatory climate, that’s being unwound.
I think we'll start to feel this effect in 2026.
22,15k
151
Innholdet på denne siden er levert av tredjeparter. Med mindre annet er oppgitt, er ikke OKX forfatteren av de siterte artikkelen(e) og krever ingen opphavsrett til materialet. Innholdet er kun gitt for informasjonsformål og representerer ikke synspunktene til OKX. Det er ikke ment å være en anbefaling av noe slag og bør ikke betraktes som investeringsråd eller en oppfordring om å kjøpe eller selge digitale aktiva. I den grad generativ AI brukes til å gi sammendrag eller annen informasjon, kan slikt AI-generert innhold være unøyaktig eller inkonsekvent. Vennligst les den koblede artikkelen for mer detaljer og informasjon. OKX er ikke ansvarlig for innhold som er vert på tredjeparts nettsteder. Beholdning av digitale aktiva, inkludert stablecoins og NFT-er, innebærer en høy grad av risiko og kan svinge mye. Du bør nøye vurdere om handel eller innehav av digitale aktiva passer for deg i lys av din økonomiske tilstand.