Castle Labs report: Crypto protocol revenue reached $7.42 billion within the year, token performance decoupled

The Castle Labs report shows that encryption protocols have generated approximately $7.42 billion in revenue so far this year, but most token prices have not reflected the fundamentals of the protocol. Six protocols, including Aave, Hyperliquid, Pump Fun, Uniswap, etc., generated a total revenue of approximately $726 million in the first half of 2026. After some projects were included in token issuance, unlocking, and incentives, the net value inflow of token holders turned negative. Hyperliquid has destroyed over 47 million HYPEs and PUMP has completed over $315 million in buybacks, but the tokens are still down about 60% from their issue price.