Crypto analyst Jamie Coutts said blockchain fees reached $15 billion, from $5 billion in 2022, while value returned to token holders was 5.3 times its 2022 level, reflecting a shift in protocol economics.
Coutts gave the figures during an Oct. 18 interview with Real Vision. He said protocol revenue was 2.9 times its 2022 level. He linked the greater value returned to holders with more projects using buybacks, token burns and higher staking rewards.
Coutts said token emissions and unlocks were falling. He argued that protocols should direct a larger share of revenue to token holders instead of allowing foundation equity holders and early venture investors to capture most of it. He also said crypto assets were staying in major indexes for longer, which he believed could strengthen network effects.
Coutts described the trend as evidence of stricter capital discipline in crypto markets, saying the market was showing this behavior for the first time. He warned that projects unable to manage token supply or attract demand for their products could underperform.
NEAR Protocol offers an example of the shift toward value accrual. NEAR Intents lets users access decentralized finance services across several blockchains while retaining control of their assets. Coutts described growing demand as evidence Intents was finding users; he also said service fees are used to repurchase NEAR tokens. He portrayed NEAR’s role as connecting blockchain networks instead of competing directly with Ethereum and Solana over block space.
Macroeconomic risks tempered Coutts’ outlook. He cited the MOVE Index above 110, accelerating real rates and high-yield spreads that were beginning to widen. He said market turbulence could persist for six months. Coutts said he believes the new crypto cycle may have passed its deepest low this year, while keeping a positive medium- and long-term view. For NEAR, he identified Intents volumes and token price momentum as indicators to watch.
