Six major crypto protocols generated $726 million in revenue in H1 2026, but token holders experienced a negative net value inflow.

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AAVE
$142.0512.54%
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HYPE
$81.903.06%
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PUMP
$0.0053224.37%
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UNI
$4.586.01%
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New token listings and launch news dominated mid-2026, with six major crypto protocols generating $726 million in revenue, according to Castle Labs. Despite strong earnings, token holders experienced negative net value inflow due to token issuance and unlocks. Protocols such as Aave, Hyperliquid, PumpFun, and Uniswap posted high revenue but weak price performance. Hyperliquid burned 47 million HYPE tokens, and PumpFun spent $315 million on buybacks, yet PUMP is down 60% from its launch. The report warns that revenue does not always translate to increased token value.

According to Huoxing Finance, Castle Labs released a report stating that since the beginning of this year, crypto protocols have collectively generated approximately $7.42 billion in revenue, yet most token prices have failed to reflect the underlying fundamentals of these protocols. Analyzing six protocols—including Aave, Hyperliquid, PumpFun, and Uniswap—the report found that together they generated about $726 million in revenue in the first half of 2026. However, when accounting for token minting, vesting, and incentives, net value inflow to token holders turned negative for some projects. The report noted that Hyperliquid has collectively burned over 47 million HYPE tokens, and PumpFun has completed over $315 million in buybacks, yet its token price remains approximately 60% below its issuance price. Protocol revenue does not necessarily translate into token value; investors should also consider mechanisms for value redistribution, token unlocking pressures, and equity structures.

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