Bitwise CIO Matt Hougan has highlighted a significant trend being overlooked by the market: the rapid enhancement of value capture capabilities in major tokens. Hougan notes that Uniswap (UNI) is advancing a 'fee switch' proposal, which, if approved, would allocate approximately 16% of transaction fees to burning UNI tokens, potentially propelling it into the top ten by market capitalization. Additionally, Ethereum's upcoming Fusaka upgrade, expected on December 3, aims to introduce minimum fees for L2 data recording, potentially increasing Ethereum's revenue by 5 to 10 times, though this development has seen limited market discussion. Furthermore, the XRP community is exploring staking mechanisms that could alter its tokenomics. Hougan suggests that the evolving regulatory environment is shifting token economies from a focus on 'governance attributes' to 'value capture,' a change anticipated to manifest by 2026.