Protocol revenue and token price have decoupled hard in 2024: Uniswap generates $1.8B annualized fees but UNI trades at 0.8x book value, while Lido's 3.2% staking yield doesn't justify LDO's 40% drawdown from peak. The market is pricing in execution risk, not cash flows—when protocols actually distribute revenue or burn tokens, we'll see repricing.
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