Crypto Revenue Surges but Token Value Lags Behind Fundamentals

Crypto protocols have generated $7.42 billion in cumulative revenue since the beginning of 2026, but many protocol tokens continue to underperform, according to Castle Labs.

The analysis examined six major protocols and found that emissions often erase value created through protocol revenue.

Buybacks can help increase token value, but they are frequently outweighed by inflation, leading investors to scrutinize tokenomics, revenue capture, and DeFi/DEX adoption ahead of token launches.