Seventeen blockchains and protocols raised a combined $7.5 billion from investors but generate only $1,306 in daily revenue. At the current pace, it would take over 15,000 years to repay the funds raised. EOS, which promised to dethrone Ethereum in 2018, consumed $4.2 billion for zero daily revenue. Meanwhile, three protocols (Hyperliquid, Pump.fun and Ethena) alone capture nearly 80% of all crypto application revenues. The sector is shifting from a narrative-driven economy to a product-driven economy, with 99 projects having already shut down since January.
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