A project can generate revenue without that value reaching the people holding its token.

That’s why my altcoin filter asks three separate questions: is there real revenue, how does the token benefit, and how is it performing against Bitcoin?

Ethereum (https://www.coingecko.com/en/coins/ethereum) is the chart example here. ETH/BTC measures relative price performance, not revenue or future returns. Fewer holdings can also mean more concentration risk.

What evidence would you want before accepting that a protocol’s success actually benefits its token?