Castle Labs reports that since the beginning of this year, crypto protocols have generated approximately $7.42 billion in cumulative revenue, yet most token prices have failed to reflect the underlying fundamentals of the protocols. Six protocols—Aave, Hyperliquid, Pump Fun, and Uniswap—are projected to generate approximately $726 million in revenue in the first half of 2026; however, after accounting for token minting, unlocking, and incentives, net value inflow to token holders has turned negative for some projects. Hyperliquid has collectively burned over 47 million HYPE tokens, and PUMP has completed over $315 million in buybacks, yet its token price remains approximately 60% below its issuance price.
Castle Labs Report: Crypto Protocols Generate $7.42B in Revenue, Token Performance Diverges
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Summary
New token listings surged as Castle Labs reported that crypto protocols generated $7.42 billion in revenue this year. Token launch news highlights that Aave, Hyperliquid, Pump Fun, and Uniswap earned $726 million in H1 2026. Despite token burns and buybacks, most prices remain below fundamental value. Hyperliquid burned 47 million HYPE, Pump Fun spent $315 million, yet PUMP is down 60% from its issuance price.
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