Arthur Hayes: Most Tokens Fall Because Projects Pocket Protocol Revenue On May 23, 2026, BitMEX co-founder Arthur Hayes @CryptoHayes stated on the What Bitcoin Did podcast that most crypto projects fail to return the economic value created at the protocol level to token holders. He believes ea

Arthur Hayes: Most Tokens Fall Because Projects Pocket Protocol Revenue On May 23, 2026, BitMEX co-founder Arthur Hayes @CryptoHayes stated on the What Bitcoin Did podcast that most crypto projects fail to return the economic value created at the protocol level to token holders. He believes ea

Arthur Hayes：多数代币的下跌源于项目方私吞协议收入 2026 年 5 月 23 日，BitMEX 联合创始人 Arthur Hayes @CryptoHayes 在 What Bitcoin Did 播客中表示，多数加密项目未能将协议层创造的经济价值回馈给代币持有者。他认为，早期风投为了实现利润最大化及履行受托责任必然向市场抛售，这导致了代币价格的持续下行。他以 Hyperliquid 的收入回购机制为例，表示当前的加密投资者已经成熟，不再为单纯的白皮书或豪华早期投资阵容买单，而是更加看重代币持有者所能获取的实际现金流。 来源：What Bitcoin Did