Bitwise CIO: Hyperliquid is changing the valuation logic of DeFi tokens Bitwise CIO Matt Hougan (@Matt_Hougan) shared in a Cointelegraph interview on July 30 that DeFi tokens are undergoing a significant shift: project revenues are starting to truly flow back to the tokens. Using Hyperliquid as an example, he noted that the platform allocates 99% of its revenue to token buybacks, and the market is rewarding this model. Meanwhile, Uniswap is strengthening value returns to UNI, Aave has eliminated the separation between equity and tokens, and both Morpho and Chainlink are improving tokenomics. Hougan believes the market has yet to reassess these changes, and some assets remain undervalued. Source: Cointelegraph