The defining losses of this cycle trace back to token structures.

Token unlocks erased a median 7% against BTC across 400+ tracked events, and holders had no claim on the revenue their protocols earned.

The revenue side changed once protocols started routing fees back to the token. A basket of the top ten protocols weighted by revenue returned +30% from January 2025 while BTC, ETH, and SOL all fell.

The next cycle will be built on fewer tokens that reward their holders.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。