DeFi & Infrastructure Tokens — Protocol-Revenue Thesis

Gamble on the one DeFi narrative with hard evidence in 2026: protocols routing real fees to token holders. Uniswap governance approved the fee switch plus a 100M UNI burn (CoinMarketCap, 27.09.2026), Aave V4 TVL rose 82 % in September (The Defiant, 30.09.2026), Lido proposed a $20M buyback with LDO down 96 % (CoinMarketCap, 02.10.2026). Eleven tokens, core four (UNI/AAVE/HYPE/ONDO) at 12 % each, the rest 6–8 %. Invalidation per name is the 52-week low or a stated level; a close below it means the revenue thesis is not being priced and the position is cut. Risks in plain words: smart-contract exploits, token-migration mess (Maker → Sky), regulatory action on fee-earning tokens, and 80 %+ drawdowns. This is not yield farming, not a stablecoin strategy, and not low risk because the protocols earn revenue.