WuShuo has learned that Castle Labs released a report stating that crypto protocols have collectively generated approximately $7.42 billion in revenue so far this year, but the prices of most tokens have failed to reflect the protocols' fundamentals. The report analyzed six protocols, including Aave, Hyperliquid, PumpFun, and Uniswap, and found that they collectively generated about $726 million in revenue in the first half of 2026. However, after accounting for token issuance, unlocks, and incentives, the net value inflow for token holders turned negative for some projects. The report highlighted that Hyperliquid has cumulatively burned over 47 million HYPE tokens, and PUMP has completed buybacks exceeding $315 million, yet its token price remains about 60% below its issuance price. It emphasized that protocol revenue does not necessarily translate into token value. Investors should also pay attention to value return mechanisms, token unlock pressures, and equity structures. https://(wublock123.com)/news/news-65573