Research: Higher death rate for protocols issuing tokens among high-revenue protocols

PANews reported on March 26, citing data from unfolded. Among crypto protocols that once had monthly revenue exceeding 10 million US dollars and issued tokens, about 12.5% have ceased operations (currently inactive). In comparison, among similar protocols that have not issued tokens, only 8.3% have stopped operating—50% lower than the former. For protocols earning over 1 million US dollars monthly, a similar gap exists (approximately 15% versus around 11%). The data shows that high-revenue protocols with token issuance have a lower survival rate, which contradicts the common belief that “tokens can ensure a project's long-term development through incentive mechanisms.” Analysts suggest that a tokenless model may focus more on the product rather than speculation, while tokens could serve as a “hype amplifier,” accelerating boom and bust cycles rather than supporting sustainability.