The market is repricing one thing this week.


Revenue sharing between protocols and token holders.
And the data tells a very specific story.
JTO: $6.25M in fees over 30 days. $0 distributed to holders. +39% this week.
The market is paying for the narrative before the mechanism exists.
ETHFI: $3.2B TVL. $11.6M in fees. 70K active cards. $2M daily card spend.
Holder yield: $0.
Same pattern.
UNI: $43.4B in 30-day volume. $53.7M in fees. Fee switch debate is back.
AERO: 52.6% of Base DEX volume. 14.6% holder yield. 100% fee distribution already live.
One of these is not like the others.
AERO already does what the others are promising.
And CFG is the anomaly nobody is talking about:
+738% RWA TVL on Base in 30 days. Coinbase selling CFG directly. Price: -15%.
Narrative leading fundamentals by months in some names.
Fundamentals leading narrative by months in others.
The trade this week isn't picking the right protocol.
It's identifying which side of that gap you're on.
$AERO $CFG $JTO
AERO-0.69%
CFG-1.25%
JTO-9.83%
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