2025-12-25 14:23:57

Some DEX protocols have been extremely popular over the past two years, but if you ask whether their tokens are making money, that's a different story.

Just look at the 2024 ledger to understand. The foundation spent nearly $10 million, which sounds like a lot, right? But a closer look at the compensation section shows that executives took home $3.87 million, accounting for over 20%. Ultimately, this money still comes from the ecosystem.

The key question is—what about the tokens? There’s no stable dividend mechanism, nor clear buyback commitments. In other words, token holders are mainly betting on appreciation; there are almost no other sources of income.

This creates an interesting paradox: the protocol itself can run very fast, with impressive trading volume and locked-in assets, but the value capture pathway for these earnings is cut off at the token level. In industry jargon, it’s a classic case of "strong protocol, weak token"—the protocol can make money, but the token cannot effectively convert this earning ability into benefits for holders.

So the question is—how long can this model last? In the long run, will investors gradually realize the problem of this value disconnect?

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NftBankruptcyClub

· 4h ago

Executives taking 3.87 million still have to be paid from the ecosystem, which is outrageous. No wonder the token has never gained traction.

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SleepyValidator

· 4h ago

This is a typical scam coin tactic: the protocol takes the meat, while the token drinks the soup.

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RebaseVictim

· 4h ago

It's the same old trick again, the protocol makes a fortune, and token holders get nothing. Truly clever.

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HallucinationGrower

· 4h ago

Damn, executive compensation of 387 million yet claiming to give back to the ecosystem—this is just nonsense. --- The token has zero dividends and zero buybacks, and yet they dare to claim it's decentralized? --- The protocol makes money, but the tokens don't—holders are just working for others. --- Wait, are they talking about a certain top DEX? No wonder my tokens have been falling. --- The saying "strong protocol, weak tokens" is spot on—just a typical rug pull with a different skin. --- Just waiting for the day people suddenly wake up; by then, the tokens will crash rapidly. --- Executives take over 20%, and the rest goes to the community? That's hilarious. --- That's why I only look at the protocol now, not the tokens—tokens are all scams.

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GraphGuru

· 4h ago

Oh no, this is a typical scam coin scheme. The protocol makes money and shares it with executives, while retail investors hold tokens and are left clueless. --- Basically, the foundation is just harvesting retail investors. A salary of 3.87 million with such a high proportion is really unsustainable. --- The deadlock of strong protocols but weak tokens will eventually collapse. --- Token holders are just bagholders. No dividends, no buybacks. Why should we believe it will appreciate? --- This kind of model? I can't bet on it for a year. Either change the mechanism or it’s game over. --- The executive salaries eat up 40% of the 10 million, how can the ecosystem still operate? Laughable. --- Wait, does the token have no real income source? Then why should I still hold it? --- It's worth noting whether a dividend mechanism will be forced later, or no one will touch it. --- What’s the use of good-looking data? If you don’t get paid, it’s just empty talk.

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Ser_Liquidated

· 4h ago

It's the same old trick again, the protocol makes a fortune, while token holders get nothing, hilarious. Executive compensation accounts for 20%? That's outrageous, no wonder everyone is fleeing.

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