Barak's Analysis of Four Undervalued Utility Tokens

Austin Barak has stated that the criteria for cryptocurrency investment are shifting towards applications that have secured real users and revenue on new blockchains. The value capture structures of PUMP, HYPE, VVV, and ETHFI have been presented as subjects for investment review, although the undervaluation judgment pertains to specific investors' opinions. RockawayX acquired Relayer Capital on August 25 and appointed Barak as Chief Investment Officer. The new fund will operate with a long-short strategy investing in undervalued liquidity tokens and cryptocurrency-related stocks. Barak mentioned that he has seen signals indicating that the cryptocurrency market has passed its bottom, explaining that he looks at whether user engagement and revenue are reflected in token value. VVV emphasizes the connection between AI service revenue and VVV burn, stating that starting from July 2026, 5% of API credit purchases will be used for VVV buybacks and burns. Barak estimates Venice's annualized revenue for 2026 to be $10.7 million and $33.6 million for 2027. PUMP allocates 50% of its platform revenue to PUMP buybacks and burns, while HYPE's trading fees and burn structure are key. ETHFI is expanding its business scope with on-chain financial services and proposed an ETHFI buyback program for October 2025. The four projects focus on revenue, users, and fees, and Barak's target price does not confirm undervaluation as an investment opinion.

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