Protocol revenue and token price have decoupled hard in 2024. Uniswap V4 is generating $2.1B annualized fees but UNI trades at 60% of its ATH. Aave protocol revenue hit $847M YTD yet AAVE sits 45% down from peaks. The market is pricing in execution risk, not current cash flows. This gap either closes via token appreciation or protocol economics reset.
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