Protocol revenue is hitting new highs. Token performance isn’t. $7.42B generated in H1 2026. Top protocols pulled $726M. But value capture is the real game: HYPE: +$98.67M net flow → strong outperformance SKY: -$25.03M net flow → underperformance The market is evolving. Revenue alone doesn’t matter anymore. What matters: • Real value distribution • Sustainable emissions • Low unlock pressure Good protocol doesn’t automatically mean good token. #Crypto #DeFi #HYPE #PUMP #RWA
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