PANews reported on March 26th that, according to data cited by unfolded.com, approximately 12.5% ​​of crypto protocols that once generated over $10 million in monthly revenue and issued tokens have ceased operations (currently inactive); in contrast, only 8.3% of similar protocols that did not issue tokens have ceased operations—the former being 50% higher. A similar disparity exists among protocols with monthly revenue exceeding $1 million (approximately 15% vs. approximately 11%). The data shows that high-revenue protocols that issued tokens have a lower survival rate, contradicting the common belief that "tokens can ensure the long-term development of projects through incentive mechanisms." Analysts suggest that tokenless models may focus more on product development rather than speculation, and tokens could become "hype amplifiers," accelerating boom-bust cycles rather than ensuring sustainability.