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.
22.22K
151
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.