VC firm 1kx has run the numbers on the crypto economy in a report shared with Blockworks ahead of its release later today. After analyzing more than 1,200 protocols across 2020 and until Q3 2025, 1kx found that value distribution to token holders has returned to all-time highs, even if total revenues have yet to beat their 2021 tops. 1kx defined value distribution to token holders as the net sum of buybacks, burns and other accruals, minus emissions (validator rewards and so on).