Protocol earns $7.4 billion a year, but token drops 70% — where exactly is the problem?
- In 2026, crypto protocols have generated $7.42 billion in total revenue.
- Over 100 crypto projects have shut down or gone bankrupt during the same period.
- Many altcoins have retraced 70% to 90% from their all-time highs.
- Specific projects like Hyperliquid and Aave have seen significant revenue but their tokens have still declined sharply.
- The lack of unified revenue definitions and independent audits in crypto contributes to valuation discrepancies.
In 2026, crypto protocols have collectively earned $7.42 billion, yet many tokens have seen significant declines, with more than 100 projects shutting down or going bankrupt. Despite the revenue generated by projects like Hyperliquid and Aave, their tokens have dropped sharply, raising questions about the underlying issues.
The article explores the disconnect between the revenue earned by protocols and the value perceived by token holders. It highlights that traditional valuation methods, such as price-to-earnings ratios, do not apply effectively in the crypto space due to the absence of standardized definitions and independent audits.
Furthermore, the author argues that while some projects are indeed making money, the flow of that revenue to token holders is often obstructed by various factors, leading to a negative net value flow for many established protocols. This situation emphasizes the complexity of valuing crypto assets and the need for a better understanding of the mechanisms at play.
协议年赚74亿美元，但代币下跌70%——问题究竟出在哪里？
2026年，加密协议总共赚取了74.2亿美元，但许多代币却出现了显著下跌，超过100个项目关闭或破产。尽管像Hyperliquid和Aave这样的项目收入可观，但其代币仍大幅下跌，这引发了对潜在问题的质疑。
文章探讨了协议赚取的收入与代币持有者感知的价值之间的脱节。它强调，由于缺乏统一的定义和独立审计，传统的估值方法，如市盈率，在加密领域并不适用。
此外，作者指出，尽管一些项目确实在盈利，但这些收入流向代币持有者的过程常常受到各种因素的阻碍，导致许多成熟协议的净价值流为负。这种情况强调了评估加密资产的复杂性，以及对所涉及机制的更好理解的必要性。