Protocol revenue and token price are decoupling harder than expected. Uniswap V4 generated $1.8B in fees YTD but UNI trades 34% below ATH; Lido's protocol revenue hit $680M annually yet LDO struggles. The disconnect: token holders don't capture protocol cash flow directly—governance rights and fee switches matter more than actual earnings. This is why Curve's revenue-sharing model outperforms pure governance tokens on risk-adjusted returns.
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