Castle Labs report indicates that the crypto market is shifting from "gambling" to "investment," with funds rapidly flowing into leading projects that have real protocol revenue and a holder value return mechanism. The report states that among over 5,700 protocols listed on DeFiLlama, only about 200 protocols have generated more than $100k in revenue in the past 30 days, accounting for approximately 3.5%; protocols with clear holder revenue return mechanisms are only about 50, less than 1%. Additionally, of approximately 118 major TGE projects in 2025, 84.7% have fallen below their issuance valuation, with a median decline of 71%.