According to CoinMeta, Wu said that a report published by Castle Labs indicated that since the beginning of this year, crypto protocols have generated approximately $7.42 billion in revenue, but the prices of most tokens have not reflected the fundamentals of these protocols. The report analyzed six protocols, including AAVE, Hyperliquid, Pumpfun, and Uniswap, and found that they generated a total of about $726 million in revenue in the first half of 2026. However, after taking into account token issuances, unlocks, and incentives, the net value inflow for token holders turned negative in some projects. The report noted that Hyperliquid has destroyed over 47 million HYPE tokens in total, and Pump has completed a buyback of over $315 million, yet the token price is still down by about 60% from its issue price. Protocol revenue does not necessarily translate into token value, and investors should also pay attention to factors such as value return mechanisms, token unlocking pressures, and equity structures.