According to Matt Hougan, the current pullback is obscuring a key trend: tokens like UNI, ETH, and XRP are improving value capture, creating alpha opportunities as fundamentals link more directly to cash flows or supply burn, source: Matt Hougan on X. For UNI, Uniswap v3 includes a governance-controlled protocol fee that can redirect a portion of trading fees to the protocol, and a 2024 Uniswap Foundation proposal sought to distribute protocol revenues to stakers and delegates, increasing direct tokenholder yield potential, source: Uniswap v3 documentation and Uniswap Foundation governance forum. For ETH, EIP-1559 burns the base fee from every transaction and the post-Merge issuance reduction ties network activity to net ETH supply, periodically rendering ETH deflationary and strengthening value accrual to holders, source: Ethereum Foundation and EIP-1559 specification. For XRP, the XRP Ledger destroys transaction fees and enabled the XLS-30 AMM in 2024 to deepen on-chain liquidity, so higher usage can increase fee burn and utility while mechanically reducing circulating XRP, source: XRPL Foundation documentation and RippleX Dev announcement. Trading takeaway: monitor Uniswap fee-switch governance milestones, Ethereum gas-burn intensity, and XRPL AMM volume and TVL because rising protocol revenue or burn rates can support rerating in UNI, ETH, and XRP during risk-off periods, source: Matt Hougan on X and the respective protocol documents.