Big money looking at DeFi can’t overlook one number: protocol revenue. Here are the 24-hour rankings (covering protocols whose tokens can be traded 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 reason is simple: revenue can be compared with market cap, and is harder to inflate with incentives than TVL. $HYPE ranks first this time ($2.45 million), but you’ll have to judge for yourself whether its price is too high by comparing its circulating market cap and where the revenue goes.
Another factor is the token unlock schedule: no matter how high the revenue is, if a large number of tokens are being released, selling pressure can offset its impact. These are just research frameworks—the conclusions are up to you. Do you think the market has priced these in fully?
#HYPE
This is just an exchange of opinions. You are responsible for your own gains and losses.
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 reason is simple: revenue can be compared with market cap, and is harder to inflate with incentives than TVL. $HYPE ranks first this time ($2.45 million), but you’ll have to judge for yourself whether its price is too high by comparing its circulating market cap and where the revenue goes.
Another factor is the token unlock schedule: no matter how high the revenue is, if a large number of tokens are being released, selling pressure can offset its impact. These are just research frameworks—the conclusions are up to you. Do you think the market has priced these in fully?
#HYPE
This is just an exchange of opinions. You are responsible for your own gains and losses.