Crypto Revenue Boom Fails to Boost Token Value

Crypto protocols have generated $7.42 billion in cumulative revenue since the beginning of 2026, according to Castle Labs.

The report argues that investors are increasingly evaluating crypto projects like traditional businesses, focusing less on speculation and more on revenue, token economics, and how value reaches holders.

Castle Labs examined six major protocols: Aave, Aerodrome, Hyperliquid, Pump.fun, Sky, and Uniswap. These protocols generated a combined $726 million in revenue during the first half of 2026.

The report noted that revenue alone does not determine whether a token performs well. Investors also need to examine whether revenue is sustainable over time and how much of it actually reaches token holders.