Protocol revenue and token price have decoupled significantly in 2024. Ethereum's validator rewards peaked at $18.2B annualized while ETH traded 34% below its 2021 high, suggesting the market prices in future dilution rather than current cash flows. Arbitrum's protocol revenue hit $156M YTD but ARB token remains 67% below launch price, indicating investors distinguish between sustainable fee generation and speculative token appreciation.
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