Castle Labs’ report indicates that the crypto market is shifting from “gambling” to “investment,” with funds accelerating toward top projects that have real protocol revenue and mechanisms for returning value to token holders. The report says that among over 5,700 protocols included on DeFiLlama, only about 200 protocols generated more than $100,000 in revenue in the past 30 days, accounting for roughly 3.5%; there are only about 50 protocols with clear token-holder revenue return mechanisms, which is less than 1%. In addition, among about 118 major TGE projects in 2025, 84.7% have fallen below their issuance valuation, with a median decline of 71%.