币界网报道：The crypto industry is undergoing a transition from hype-driven to revenue-driven, and the market is eliminating projects that lack actual revenue. Data shows that the liquidity of new tokens has declined, and intensified competition has highlighted the problem of capital scarcity. The industry consensus has shifted to revenue as the core indicator. Old projects such as Uniswap and Aave maintain their advantages with stable cash flow, and emerging projects such as Shadow and Pharoah have achieved commercial breakthroughs by optimizing user experience. Experts point out that building sustainable revenue requires focusing on four major elements: product practicality charging mechanism, user retention system, real business indicator tracking, and revenue-driven token economy. The current DeFi field presents two major trends: professional-level aggregated trading interfaces meet institutional needs, and mobile applications such as Hyperliquid expand the mass market by lowering the threshold of use. Analysts believe that the next round of industry growth will be led by revenue-driven products with strong user stickiness and clear business models.