Onchain Platforms See Surge in Protocol Revenue, Hyperliquid Leads Pack
A wave of robust performance has swept across decentralized finance, with four major onchain platforms simultaneously reporting their strongest weekly revenue figures. Hyperliquid, a decentralized derivatives exchange, spearheaded this surge, raking in $3.07 million in protocol revenue within a single 24-hour period.
Data compiled by DefiLlama reveals that Hyperliquid’s seven-day revenue total reached approximately $13.47 million. This achievement solidifies its standing as one of the most profitable protocols in decentralized finance, excluding stablecoin issuers.
Joining Hyperliquid in this notable performance were three other platforms: Pump (pump.fun), StonkFun (Stonk), and Pons. Each of these protocols also set new personal weekly revenue records.
Hyperliquid’s revenue generation is primarily driven by perpetual futures trading. The protocol directs nearly 99% of eligible perpetual futures fees into its Assistance Fund, which is then used for HYPE token buybacks and burns.
StonkFun, which operates within the token launchpad sector, recorded a peak single-day revenue of $1.84 million during the same period. Pons demonstrated remarkable consistency, generating around $17.8 million in revenue over its trailing 30-day window.
Pump, a memecoin launchpad built on the Solana blockchain, completed the quartet. Its strong performance is attributed to the sustained activity within the Solana ecosystem.
When stablecoin issuers like Tether and Circle are excluded, DefiLlama’s rankings now position these protocols among the leading onchain revenue generators. This distinction is significant, as stablecoin revenue models are fundamentally based on interest income from reserves, differing from the user-generated protocol fees that drive the other platforms.
Activity levels saw a notable increase around mid-September, leading to frequent shifts in revenue leadership among these platforms.
Hyperliquid employs a particularly aggressive strategy, channeling almost all eligible fees into its Assistance Fund for HYPE token buybacks and burns. In contrast, the launchpad protocols typically allocate their earnings between treasury accumulation and token buyback initiatives.
For Hyperliquid, the $13.47 million in weekly revenue translates to an annualized run rate exceeding $700 million.
