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.