🔥 Meme launchpad overtakes Hyperliquid? Pump.fun’s daily revenue rises from $1.96M to $1.98M, putting it third among all protocols!
📊 DefiLlama data (via律动, Oct. 24):
• Pump.fun 24h protocol revenue: $1.98M
• Hyperliquid 24h revenue: $1.96M
• The only protocols ahead are Tether ($17.28M) and Circle ($6.88M)
👀 Even more interesting: Pump.fun just launched BTC and ETH perpetual contracts this week, with up to 40x leverage. Orders tap into Hyperliquid’s liquidity. It’s competing for revenue while sending trading volume to its rival.
⚠️ But don’t get carried away:
• The two platforms use different reporting methodologies and keep leapfrogging each other week to week. In late September, Pump’s weekly revenue was $15.16M, slightly above HL’s $15.06M.
• After influential whale Kimchi removed their bio, Pump’s daily revenue once fell from $1.61M to $1.35M—a sign of its considerable reliance on KOLs.
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$PUMP 24h is still down about 8% (Gate market data). Even strong revenue figures don’t necessarily mean the token will benefit.
• The team says around 50% of revenue goes toward buybacks and burns, but outsiders have yet to fully verify how net revenue is calculated.
💡 My take: Pump.fun is evolving from a “token-launching tool” into a “trading gateway.” How far it can go depends on whether its derivatives business can retain users, not on a single day’s revenue ranking.
$HYPE ’s moat is its depth and trading volume; being overtaken in the short term doesn’t mean it’s been replaced.
Which do you favor: a Meme launchpad or a perpetual DEX? Let’s discuss in the comments 👇
$PUMP $HYPE $SOL #Pumpfun #Hyperliquid #On-chainData
Just my personal opinion; not investment advice