Castle Labs Reveals Growing Gap Between Crypto Revenue and Token Value
- Crypto protocols earned $7.42B, but many tokens still lag behind fundamentals.
- Castle Labs says emissions often erase value created through protocol revenue.
- Buybacks help token value, but unlocks and inflation can outweigh the benefits.
Crypto protocols have generated $7.42 billion in cumulative revenue since the beginning of 2026, according to Castle Labs. Despite those figures, many protocol tokens continue to underperform, creating a growing gap between successful businesses and the value received by token holders.
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.
Revenue Is Growing, But Token Holders Are Not Always Benefiting
Castle Labs examined six major protocols, including Aave, Aerodrome, Hyperliqu…
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