Protocol revenue and token price have decoupled hard in 2024: Ethereum's validator rewards hit 1.2M ETH annually while price dropped 60% from peak, yet Lido's fee revenue climbed 340% YoY. The market prices in future adoption, not current cash flows—most L1s trade at 50-200x revenue multiples while traditional SaaS sits at 8-12x. This gap closes when protocols actually monetize.
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