I was chatting with a friend about DeFi, and he asked me, “With so many protocols out there, who’s actually making money?” So I sent him this 24-hour leaderboard (only protocols whose tokens have trading pairs on Binance):
1. $PUMP Pump｜$1.54 million
2. $HYPE Hyperliquid｜$1.41 million
3. $SKY Sky｜$445,000
4. WLFI World Liberty Financial｜$370,000
5. AAVE Aave｜$146,000
His first reaction was: “Pump makes that much?”—$1.54 million. I added: the revenue on the leaderboard is the portion kept by the protocol itself, not trading volume, and it doesn’t necessarily mean money distributed to token holders.
Then he asked, “So should I buy the coin ranked first?” I said, not necessarily: you need to compare it with its current market cap and figure out whether that revenue actually makes its way to holders.
He thought for a moment and said, “Maybe I’ll just sit tight for now and take another look later.”
Which metrics do you usually pay attention to?
#PUMP
1. $PUMP Pump｜$1.54 million
2. $HYPE Hyperliquid｜$1.41 million
3. $SKY Sky｜$445,000
4. WLFI World Liberty Financial｜$370,000
5. AAVE Aave｜$146,000
His first reaction was: “Pump makes that much?”—$1.54 million. I added: the revenue on the leaderboard is the portion kept by the protocol itself, not trading volume, and it doesn’t necessarily mean money distributed to token holders.
Then he asked, “So should I buy the coin ranked first?” I said, not necessarily: you need to compare it with its current market cap and figure out whether that revenue actually makes its way to holders.
He thought for a moment and said, “Maybe I’ll just sit tight for now and take another look later.”
Which metrics do you usually pay attention to?
#PUMP
