[Research: Higher mortality rate for protocols issuing tokens in high-income agreements] According to data cited by unfolded., among crypto protocols with monthly revenue exceeding $10 million that have issued tokens, approximately 12.5% have ceased operations (currently inactive). In comparison, only 8.3% of similar protocols without token issuance have stopped operating—50% higher for the former. A similar gap exists among protocols with monthly revenue exceeding $1 million (approximately 15% versus 11%). The data indicates that high-income protocols issuing tokens have a lower survival rate, contradicting the common belief that 'tokens can ensure long-term project development through incentive mechanisms.' Analysts suggest that tokenless models may focus more on product development rather than speculation, while tokens may act as 'hype amplifiers,' accelerating boom-and-bust cycles rather than fostering sustainability.