The next crypto bull market will likely reward projects that pay their token holders rather than the meme coins and big-promise networks that led the last cycle, according to a Motley Fool analysis. Exchanges like Hyperliquid and Lighter are already funneling trading fees into token buybacks, while quantum computing looms as the cycle’s biggest new risk.
Cash flow, not storytelling, may decide who leads the next crypto bull market. The last cycle, which ended in October 2025, rewarded narratives more than economic activity, with meme coins and big-promise networks drawing buyers. Now, as Bitcoin grinds through its worst stretch since 2022, a handful of projects show early signs of a recovery by operating more like businesses.
Coins that pay their holders
Majors other than Bitcoin — Ethereum, Solana, and XRP — collect fees, but only a small portion reaches token holders directly; the rest goes to validators, stakers, or ecosystem funds. That dynamic is part of the reason holding Ethereum for the past five years left holders with losses of 8% despite technical improvements, capital inflows, and network usage.
The winners of the next cycle will likely invert that, compensating holders for tying up capital. Hyperliquid is the most prominent example: its Assistance Fund captures close to 99% of the trading fees on its decentralized exchange to buy HYPE tokens, which are then burned. It has bought back more than $2 billion worth of its token since launch, absorbing 4.7% of its maximum supply.
Rival exchange Lighter runs the same playbook, funneling all trading fee revenue into LIT repurchases that are permanently burned; per its June 30 tokenomics update, 6.3% of supply is already gone. Bittensor offers another riff, giving each subnet its own token; the source notes that leading subnets like Chutes recycle their revenue into buybacks so that holders of those subnets’ tokens can capture value from demand for their computing services. This pressures Ethereum and Solana, which may need to give holders a stronger claim on on-chain revenue if the challengers pull in capital.
Quantum risk and old themes
The biggest new risk may be quantum computing, which could theoretically steal coins once a powerful enough machine exists. Bitcoin will need to show it can adapt: a proposal called BIP-360, accepted in February 2026, laid out the first potential quantum-resistance plan. Every major chain will likely need to spend more on cryptographic hardening, especially as capital moves into tokenized real-world assets that the analysis expects to be the main draw pulling in institutions this cycle.
Financial privacy is another theme likely to matter, though established coins like Zcash and Monero carry questionable track records and may face newcomers. Some old patterns persist too: an unpredictable handful of meme coins will probably run again, while segments such as decentralized physical infrastructure and social finance are largely hollowed out and unlikely to recover.
Source: The Globe and Mail
Trading involves risk.
Risk Disclaimer
