Crypto Protocol Revenue Reaches $7.42 Billion This Year, Token Performance Decouples

This year, crypto protocols have generated approximately $7.42 billion in revenue, but most token prices have failed to reflect the fundamentals of the protocols. A report analyzing six protocols, including Aave, Hyperliquid, Pump Fun, and Uniswap, found that they collectively generated about $726 million in revenue in the first half of 2026. However, for some projects, after accounting for token issuance, unlocking, and incentives, the net value inflow for token holders turned negative. The report noted that Hyperliquid has burned over 47 million HYPE tokens, and PUMP has completed over $315 million in buybacks, yet the tokens have still dropped about 60% from their issuance price. Protocol revenue does not necessarily translate into token value, and investors need to pay attention to factors such as value return mechanisms, token unlocking pressure, and equity structures.