[Crypto Industry Revenue Hits Record High, Fear Still Looms Over the Market] The Crypto Fear and Greed Index has dropped to an all-time low, yet the industry's profitability has reached a new high. Since 2018, crypto-native protocols have generated a cumulative $74.8 billion in fees, with $31.4 billion created between January 2024 and June 2025. Over the past two months, 12 projects have shut down, and companies like OKX, Mantra, and Polygon Labs have laid off staff, while venture capital and developers have shifted their focus to AI. Stablecoin issuers Tether and Circle account for 34.3% of the industry's revenue, primarily derived from U.S. Treasury yields. Transaction-based applications have surged, with monthly fees reaching $575 million in January 2025 alone. The valuation of underlying public chains has plummeted, but revenue growth from on-chain applications has accelerated. The industry's moat includes first-mover advantage, liquidity, and distribution barriers. Token value is under scrutiny, and the future will require exploring new business models and value mechanisms.