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Crypto split into two markets.
- Protocols with real cash flow
- Everything else pretending to have a business model.
10 protocols actually printing revenue right now, ranked by 12M revenue:
$PUMP - $459M
$CAKE - $322M
$SKY - $248M
$JUP - $130M
$AERO - $124M
$LDO - $77M
$MET - $62M
$ETHFI - $56M
$LIT - $50M
$RAY - $46M
This is the list I check first when I want to know which apps actually have a business behind the token.