🔢 Looking at the 24-hour protocol revenue leaderboard from a capital perspective (limited to protocols whose tokens have trading pairs on Binance):
1. $HYPE Hyperliquid｜$2.45 million
2. $PUMP Pump｜$2.42 million
3. $SKY Sky｜$463,000
4. UNI Uniswap｜$443,000
5. WLFI World Liberty Financial｜$415,000
The total across the leaderboard is $6.19 million, reflecting real user demand. Hyperliquid alone contributed $2.45 million.
What I’m looking at is whether the top-earning protocols have mechanisms for returning value to their token holders—that determines whether revenue flows through to the token.
Going by how whales usually do it, assessing revenue generally involves looking at two figures: circulating market cap divided by annualized revenue (similar to the price-to-sales ratio), and the share of revenue that goes back to token holders. This is just the first step; next, you also need to look into token ownership concentration and the team’s token arrangements. Anyone with expertise care to weigh in?
#HYPE
This post is for informational purposes only and does not constitute investment advice.
1. $HYPE Hyperliquid｜$2.45 million
2. $PUMP Pump｜$2.42 million
3. $SKY Sky｜$463,000
4. UNI Uniswap｜$443,000
5. WLFI World Liberty Financial｜$415,000
The total across the leaderboard is $6.19 million, reflecting real user demand. Hyperliquid alone contributed $2.45 million.
What I’m looking at is whether the top-earning protocols have mechanisms for returning value to their token holders—that determines whether revenue flows through to the token.
Going by how whales usually do it, assessing revenue generally involves looking at two figures: circulating market cap divided by annualized revenue (similar to the price-to-sales ratio), and the share of revenue that goes back to token holders. This is just the first step; next, you also need to look into token ownership concentration and the team’s token arrangements. Anyone with expertise care to weigh in?
#HYPE
This post is for informational purposes only and does not constitute investment advice.