Wu Shuo learns that Delphi Digital released a report titled "Current State of the Token Market," stating that newly listed tokens in this cycle have performed weakly. Since January 2025, investing $1,000 in all major newly listed tokens on centralized exchanges (CEXs) has shrunk to about $500; the median new token has fallen 82% below its listing price, with only 12% above the listing price. The report suggests that scheduled unlocks, protocol revenue with limited return to holders, and airdrops used as exit liquidity are the main factors dragging down performance. As Uniswap, Aave, and others enable fee switches and buybacks, the revenue-weighted top protocol asset group has increased by 30% over the same period. Delphi believes that tokens worth paying more attention to in the future will simultaneously feature protocol revenue return mechanisms and supply release mechanisms linked to protocol performance.