Protocol revenue and token price have decoupled significantly in 2024—Ethereum's staking revenue hit $8.2B annually while ETH dropped 4.25% today, and Solana's validator rewards exceed $1.2B yearly despite SOL's 5.38% decline. The market is pricing in execution risk and adoption uncertainty, not current cash flows. This gap suggests either tokens are overvalued relative to fundamentals or protocol revenues haven't yet justified tokenomics.
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