Real yield

Bulls argue that tying token value directly to real protocol revenue via buybacks finally gives crypto assets a valuation framework comparable to equities, which could unlock a substantial repricing as more protocols adopt the model over the next year or two. If revenue-capture spreads across DeFi and layer-1s as predicted, tokens shift from purely speculative governance rights to cash-flow-bearing instruments, a structural upgrade long-term holders have wanted for years.

Bulls argue that record open interest in RWA perpetuals shows Hyperliquid is successfully capturing a genuinely new and growing category of onchain trading demand, and that sharing fees with outside builders is a deliberate ecosystem-growth strategy expanding the platform's overall volume and long-term network effects. As the RWA perps market matures, even a smaller cut of a much larger pie could eventually outpace what a fully closed fee model would have generated for HYPE holders over time.

Bulls argue that a shakeout clearing out over 100 unsustainable projects is healthy long-term maturation for the industry, mirroring how the dot-com bust ultimately left behind the internet's most durable companies. Surviving protocols with genuine cash flow and real user bases emerge stronger and more investable, and the consolidation reduces the noise-to-signal ratio for long-term holders trying to identify which projects actually generate lasting value rather than relying on speculative hype or token emissions alone.

Bulls argue that capping staking rewards once roughly half of ETH supply is staked would prevent runaway issuance dilution and keep Ethereum's monetary policy disciplined, strengthening the long-term store-of-value case for ETH as a scarce, productive asset. They see the proposal as evidence of mature, security-focused governance willing to make hard tradeoffs, expecting near-term DeFi disruption to be outweighed by a healthier long-run supply trajectory across multiple cycles.

Bulls argue that a systemically important custody bank offering native staking services shows institutional crypto infrastructure maturing well beyond spot ETFs, giving large asset owners a compliant, custody-integrated path to earn real yield on proof-of-stake assets. Partnering with an established staking provider like Galaxy lends operational credibility, and this kind of integration could meaningfully accelerate institutional capital flowing into staking-eligible assets like Ethereum. It reinforces the broader thesis that regulated intermediaries are increasingly building crypto-native yield products directly into existing institutional rails.

Bulls argue a roughly fourteen-fold increase in daily SOL burns paired with a doubled disinflation rate would meaningfully tighten future SOL supply growth, directly linking network fee activity to token scarcity in a way that rewards long-term holders. They see this as a real-yield-style mechanism where actual usage funds ongoing burns rather than relying purely on emissions cuts, and argue that if validators rally the needed support, it would strengthen Solana's economic design just as its ecosystem activity continues to grow.

Bulls see this pivot as validation that DeFi's real value lies in becoming invisible backend infrastructure that serious counterparties actually use, rather than in flashy consumer apps competing for retail attention. Growing OTC lending outstanding to $260 million, with a stated target of $1 billion by year end, shows real demand for onchain credit rails from large institutional users, and bulls argue this kind of quiet infrastructure adoption is exactly how onchain finance displaces traditional intermediaries over time.

Bulls argue the fee switch finally delivers tangible, quantifiable value to UNI holders through real protocol revenue converted into token burns, directly supporting the case that mature DeFi protocols should route fees back to tokenholders rather than just offer governance rights. A 16% weekly price gain alongside the new Earn product with Morpho shows the protocol is simultaneously monetizing its dominant position and expanding into adjacent yield products, reinforcing Uniswap's role as core onchain finance infrastructure.