年内加密协议累计收入达74.2亿美元，多数代币表现与基本面脱钩

Odaily Odaily reports that, according to a report by Castle Labs, crypto protocols have generated approximately $7.42 billion in cumulative revenue so far this year, yet the prices of most tokens have failed to reflect the protocols' fundamentals. The report analyzed six protocols, including Aave, Hyperliquid, Pump Fun, and Uniswap, finding that they collectively generated around $726 million in revenue in the first half of 2026. However, after accounting for token issuance, unlocks, and incentives in some projects, the net value inflow for token holders turned negative. The report notes that Hyperliquid has burned over 47 million HYPE tokens to date, and while PUMP has completed over $315 million in buybacks, its token price is still down approximately 60% from its issuance price. Protocol revenue does not necessarily translate into token value; investors should also pay attention to factors such as value accrual mechanisms, token unlock pressure, and equity structures.