Example of how people misunderstand fundamentals 👇


Protocol revenue ≠ token holder revenue.
$LDO doesn’t capture cash flows.
$UNI buybacks are tiny vs its massive mcap (100x+ revenue multiple).
$ENA has no direct cash flow.
From this list, only $PENDLE actually distributes revenue to token holders. 🔥
LDO-2,81%
UNI-2,22%
ENA-3,71%
PENDLE0,49%
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