2026-01-15 14:49:33

Photon pulled in $100 million in revenue throughout 2025 without even issuing a token. Meanwhile, check out the contrast: BullX racked up $186 million in lifetime fees yet trades at just a $13 million market cap—talk about a disconnect. Then there's Padre, which tanked 80% post-acquisition. BonkBot's token? Down 65% since launch. Here's what stands out though—Photon kept every penny of those fees. No token dilution, no emission schedules watering down holder value. That's a radically different playbook compared to projects bleeding supply. 647 consecutive days of points accumulated, and the model still holds. The fee capture mechanism working without token dilution is becoming the real differentiator in this space.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

13 Likes

Reward
13
6
Repost
Share

Comment

0/400

GasFeeWhisperer

· 4h ago

Photon this wave didn't issue tokens and directly earned 100 million, truly amazing... Compared to BullX's 18.7 billion in fees but only worth a ridiculous valuation of 13 million, I'm really speechless. No dilution, no massive unlocks, just holding the profits firmly in hand—this is what sustainability is all about.

View OriginalReply0

GasFeeSobber

· 4h ago

Photon's logic of not issuing tokens yet still making a billion in revenue is indeed a bit outrageous. --- Bullx costs 1.8 million to be worth only 1,300? The gap in thinking needed to accept that is huge. --- Not issuing tokens actually earns the most, which hints that other people's tokens are just for cutting the leeks. --- 647 days and the points are still rising, showing that people just want to play zero-token products. --- Looking at the outcomes of padre and bonkbot, is issuing tokens really a suicidal choice? --- Photon's approach is simple and straightforward: absorb all costs without diluting token value. That's what a real business model is. --- Other projects desperately issue tokens to dilute, while photon quietly makes big money. The difference is so clear. --- Is it saying that not issuing tokens is more sustainable? Then what about those previous airdrop promises? --- Fee capture without dilution—if this phrase becomes popular again, it will be another reason to cut the leeks.

View OriginalReply0

MetaverseVagabond

· 4h ago

Photon really went all out this time, earning 100 million dollars without any tokens, while others are busy issuing tokens to dilute themselves... --- BullX is hilarious, with 186 million in expenses and only a 13 million market cap. The gap is just ridiculously huge. --- The key is that there's no pressure from token supply. Too many projects in the crypto space get stuck right here. --- They've been accumulating for 647 days, and this model really doesn't seem to have any issues. --- Not issuing tokens might actually help them survive longer? It feels like the overall approach has reversed. --- Padre was directly cut by 80%, BonkBot dropped 65%... the comparison is too brutal. --- The fee capture method that doesn't dilute supply has indeed become a new dividing line.

View OriginalReply0

AirdropHunterZhang

· 4h ago

Quietly making a fortune, indeed we should learn from Photon. After freeloading for so many years, I finally see a project that doesn't cut the leeks.

View OriginalReply0

ZenMiner

· 4h ago

Oh my, Photon’s model is truly top-notch, not a single penny is diluted... --- BullX’s valuation is still 180 million or 130 thousand, who will make up the difference? --- Making a billion without issuing tokens, now that’s real market support, brother. --- Still rising after 647 days, other projects have already cooled off... --- The key is there’s no flood of tokens, that’s too impressive. --- Photon’s strategy, other coins should learn from it. --- Be cautious of issuing tokens daily and diluting, they can still make money without issuing anything. --- This is what sustainable looks like, unlike some projects that run after they finish issuing. --- I don’t understand why other projects still need to issue tokens, isn’t Photon’s approach more appealing? --- Wow, they can charge so aggressively without tokens, then what’s the use of the tokens we hold?

View OriginalReply0

SatsStacking

· 4h ago

The logic of photon not issuing tokens and actually making a huge profit is truly amazing... Compared to those projects that constantly dilute to death, it's like two different worlds.

View OriginalReply0