Protocol revenue and token price have decoupled hard in 2024—Uniswap generates $1.8B annualized fees but UNI trades at 60% below ATH, while Lido's staking revenue hit $800M YTD yet LDO underperforms. The gap widens because token holders capture zero direct cashflow; revenue accrues to protocol treasuries or LPs, not token holders. Until governance votes to redirect revenue to stakers or buybacks, expect this structural disconnect to persist regardless of bull market sentiment.
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