$3 billion in annualized protocol revenue across 18 names — and Bitcoin ain't one of 'em, because miner fees flow to miners, not to the protocol. TRX sits top-five because Tron collects tolls on every USDT transfer; Tether be doin' the work while Sun's chain takes the cut. The 30% circulating supply floor from Artemis quietly kills every project whose headline valuation rests on tokens the insiders haven't moved yet. The methodology isn't broken — it benchmarks protocol toll roads, not stores of value, and that distinction will define what institutional products get built on top of it. 🦑

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