Why do high earning DEX tokens like Uniswap, Pancake, Jupiter, etc. keep hitting new lows? Today, I want to talk about this What are the reasons why many people are cut off by such high-quality projects? First of all, your idea is very simple. You unilaterally believe that if there are more users and higher real income, then the token will definitely rise, so you bought it However, protocol success ≠ token value capture Essence - Tokens are governance tokens rather than revenue sharing tokens This is also a common phenomenon in the vast majority of DeFi projects: the project itself can generate a large amount of cash flow, but its token holders cannot share these profits Taking UNI as an example, the vast majority of the project's fee income is distributed to liquidity providers, and token holders do not receive direct dividends (fee switch was only activated in early 26th, and some of the income is used to destroy UNI, but the impact is currently limited, with an annual burn rate of only 0.4% of the supply, approximately 4 to 5 million UNI per year, but there is a growth budget of at least 20 million tokens per year) CAKE has a repurchase and destruction mechanism, but at the same time, there is high reward distribution, high inflation pressure, and theoretically unlimited token supply. It relies on destruction to hedge against inflation, and the effect can be imagined Not to mention JUP, there are also a large number of airdrops and continuous token releases and unlocks. Tokens are mainly used for governance and staking rewards, with limited buyback and destruction. The fee income flows into LP and treasury, and its tokens do not have direct income distribution Comparing HYPE directly with the three, at least 97% of HYPE's revenue is used for repurchasing tokens and partially destroying them (HYPE's annualized revenue is about $600 million, Uniswap's annualized revenue is about $35 million, high or low judgment) The fundamental reason for the impact is the binary comparison between token inflation, inflation, and the intensity of token repurchase and destruction