Bitwise CIO Sees DeFi Leading Crypto Out of Winter as BlackRock and Other Giants Step Up Investments

DeFi uses smart contracts to provide trading and lending services without traditional financial intermediaries. Its tokens have historically offered little beyond governance rights and have been disconnected from protocol revenue, preventing their prices from reflecting business growth. Aave and Uniswap now have real users and revenue. If their tokens begin capturing cash flow, that could mark a pivotal shift in crypto markets from narratives to fundamentals.

On February 17, 2026, Bitwise Chief Investment Officer Matt Hougan said Aave generates more than $100 million in annual revenue, while Uniswap's trading volume often exceeds Coinbase's. AAVE, however, has fallen about 50% over the past year. An Aave proposal would direct all revenue from branded products to the DAO and provide about $50 million in funding to the development team. BlackRock has invested in UNI, while Apollo has invested in Morpho.