The profitability of cryptocurrency infrastructure projects is worrying. There are only grand narratives but no concrete implementation. They have become a weapon for VCs to sell their products, but now they are also suffering from the consequences.

The high valuations of many projects rely on narratives rather than actual profits. We have conducted in-depth research on multiple projects in the fields of oracles (Chainlink, Pyth), cross-chain interoperability (Wormhole, LayerZero, Axelar, Across, Stargate) and storage (Filecoin, Arweave), analyzed their revenue, expenditure, user activity and token value capture capabilities, and found that the actual profitability of many projects does not match the high valuations