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.(Delphi Digital)