Transformation of the encryption industry: Revenue becomes the core indicator, DeFi products welcome a transformation in business models.

The crypto industry is going through a transition period from speculation-driven to revenue-driven, with the market eliminating projects that lack actual revenue. The data shows a decline in the liquidity of new tokens, and the intensification of competition highlights the scarcity of funds. The industry consensus has shifted to revenue as the core indicator, with established projects such as DEX and Aave maintaining their advantages by virtue of stable cash flow, and emerging projects such as Shadow and Pharoah achieving commercial breakthroughs by optimizing user experience. Experts pointed out that building sustainable revenue needs to focus on four elements: product utility charging mechanism, user retention system, real business metric tracking, and revenue-driven token economy. There are currently two major trends in the DeFi space: professional-grade aggregate trading interfaces to meet the needs of institutions, and mobile applications such as Hyperliquid to expand the mass market by lowering the barrier to entry. According to the analysis, the next round of industry growth will be led by revenue-driven products with strong user stickiness and a clear business model.