Matt Hougan: DeFi market size and pricing power severely underestimated

Bitwise Chief Investment Officer Matt Hougan stated that there are two mistakes when evaluating DeFi applications: one is mistaking the $2 trillion cryptocurrency market for the target market, when in fact the target is the $500 trillion asset market; The second is underestimating the ability to capture the value of transaction fee income. Hyperliquid, Uniswap, Aave, Morpho, Aerodrome, Lighter, Pump and other projects have larger TAMs and stronger pricing power than expected.