Coin World News, ME News report, March 26 (UTC+8): According to data cited by unfolded, among crypto protocols that once had monthly revenue exceeding $10 million and issued tokens, approximately 12.5% have ceased operations (currently inactive); whereas among similar protocols that did not issue tokens, only 8.3% have ceased operations—the former is 50% higher. For protocols with monthly revenue over $1 million, similar gaps exist (about 15% compared to about 11%). The data indicates that high-revenue protocols with issued tokens have lower survival rates, which contradicts the common belief that "tokens can ensure long-term project development through incentive mechanisms." Analysis suggests that models without tokens may focus more on the product itself rather than speculation, and tokens might serve as a "hype amplifier," accelerating boom-and-bust cycles rather than promoting sustainability.