Hyperliquid, Pump.fun, EdgeX Return $96.3M to Holders

Hyperliquid, Pump.fun and EdgeX distributed about $96.3 million to token holders over the past 30 days. The payouts occurred as some decentralized finance protocols emphasized fee generation and revenue sharing.

On an annualized basis based on recent performance, the figures imply roughly $945.9 million for Hyperliquid, $481.2 million for Pump.fun and $236.4 million for EdgeX. EdgeX reported $23.26 million in protocol revenue for the period, up from $8.26 million in an earlier reporting period.

Data show Hyperliquid led on holder revenue metrics and directed a large share of its revenue back to token holders. The increase in EdgeX revenue and the timing of its distributions suggest the protocol may have used reserves or other funding sources to support payouts.

Market participants have shifted attention from raw activity measures such as total value locked, daily users and transaction throughput toward measurable cash returns to token holders. Robbie Klages summed up the market mood: ‘Investors no longer care if a blockchain processes 10x the TPS if it cannot earn.’

Established protocols also returned cash to holders in the same window. Chainlink returned about $4.63 million, Aerodrome about $3.53 million and Uniswap about $3.29 million across 44 blockchains. PancakeSwap reported $3.94 million in revenue and returned $2.48 million to holders after spending roughly $905,260 on incentive programs.

Developer Andre Cronje wrote that parts of DeFi increasingly resemble financial infrastructure, citing more than $320 billion in stablecoin supply, over $160 billion in monthly spot DEX trading, roughly $540 billion in monthly activity on perpetual DEXs, and about $28 billion in active loans across lending platforms including Aave, Morpho and Maple Finance.

Some recent distributions were supported by reserves or non-recurring income, and protocol accounts show differing levels of incentive spending. Investors are watching whether protocols can sustain payouts from ongoing fee generation rather than rely on one-time sources or temporary incentive programs.