Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, Web3 and crypto regulation.

Today in crypto, Bitwise’s Matt Hougan said he expects token revenue-capture mechanisms to spread across DeFi applications and layer-1 networks. Hong Kong’s regulated stablecoin market moved into distribution as HashKey began offering HKDAP to eligible investors, while Fidelity filed to add staking to its spot Ether ETF.

Crypto valuations could at least double as protocols increasingly use revenue to fund token buybacks and burns, according to Bitwise Chief Investment Officer Matt Hougan. 

On Wednesday, Hougan said crypto outside of Bitcoin is becoming a revenue-driven market in which network activity feeds into native-token value. He said investors have not priced in that change, leaving some crypto assets undervalued.

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