Protocol revenue and token price have decoupled hard in 2024: Uniswap generated $1.89B in fees YTD but UNI trades 40% below ATH, while Lido's staking revenue hit $680M annually yet LDO struggles with validator economics. The market prices growth optionality and network effects, not current cash flows—this is why Ethereum's protocol revenue scaled 3x while ETH lagged broader market gains.
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