Castle Labs: Why did the six major protocols earn 7.4 billion dollars this year while the coin prices are still falling?
Since the beginning of this year, crypto protocols have generated a total revenue of $7.42 billion, but most tokens have not increased in value as a result. This article takes six leading protocols, including Aave, Hyperliquid, Pump, and Uniswap, as examples to explain why the profitability of protocols does not equate to profits for holders, from four dimensions: sources of income, value distribution, token unlocking, and incentive spending.