Castle Labs has released a report indicating a significant shift in the cryptocurrency market from speculative "gambling" to more structured "investment" strategies. The report highlights that capital is increasingly flowing towards leading projects with genuine protocol revenue and mechanisms for value return to token holders. Among over 5,700 protocols tracked by DeFiLlama, only about 200 generated more than $100,000 in revenue over the past 30 days, representing approximately 3.5% of the total. Furthermore, only around 50 protocols have clear mechanisms for revenue return to token holders, accounting for less than 1%. The report also notes that of the approximately 118 major Token Generation Event (TGE) projects expected by 2025, 84.7% have fallen below their initial valuation, with a median decline of 71%. This data underscores the market's growing focus on sustainable and revenue-generating projects.