6.6 Investments 越来越多协议用收入回购和销毁代币，推动加密估值翻倍，DeFi 和一层网络将加速采用此模式。
Bitwise 的 Matt Hougan 表示，随着越来越多协议将收入与代币回购和销毁挂钩，加密货币估值有望至少翻倍。他指出，市场正转向以收入为驱动的模式，网络活动正逐步提升原生代币的价值。 Hyperliquid、Uniswap、Aave、Pump.fun 和 Lighter 等协议成为典型案例。它们通过手续费回购或销毁流通中的代币。例如，Hyperliquid 去年创造了超 8 亿美元收入，约 99% 用于回购和销毁 HYPE 代币。Uniswap 和 Aave 也已实施将收入返还给代币持有者的机制，包括回购和金库销毁。 Hougan 指出，这些机制在 2025 年前基本不存在，投资者尚未将其计入估值，导致部分加密资产被低估。他预计，未来 12 至 24 个月，DeFi 应用和一层网络将更广泛采用此类收入捕获模式，为投资者带来更传统的估值指标。
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