Protocol revenue and token price have decoupled hard in 2024—Uniswap V3 generated $1.8B in fees YTD but UNI trades 40% below ATH, while Lido's staking revenue hit $850M annually yet LDO underperforms. The market prices growth optionality and narrative, not current cash flows. This gap widens when macro headwinds hit derivatives leverage like we're seeing today.
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