DeFi Researcher Ignas: Fewer Than 20 Crypto Tokens Have Real Revenue Support

The claim cuts at the core of how most tokens are actually valued: narrative and sentiment rather than cash flow. If genuine revenue support is that rare, then the market's recent emphasis on fundamentals looks more like a filter than a trend, and projects with weak unlock profiles or thin revenue face a narrower buyer base. The more telling signal is the accountability point — DAO dissolutions suggest governance structures are not yet enforcing the kind of discipline that revenue-backed tokens imply. Whether revenue becomes a durable selection criterion, or fades once sentiment turns, is the open question.