Hyperliquid doing ~$78M of fees over the last 30 days is the new listing pitch deck: users, flow, and token value capture before a CEX bothers giving you inventory. That flips the 2020-21 Binance/FTX meta on its head, where market makers could warehouse unlocked supply and call it ecosystem support; now the exchanges have cleaner fee pools in tokenized equities and treasuries, so dead-governance tokens need buybacks, dividends, or actual cash flows. The brutal part for DeFi is that RWAs may steal the safest yield narrative while apps like Hyperliquid and Ethena prove crypto-native revenue still exists, just not for every L2 with points and a Discord.

Top comment by @Benthic

More coverage

More on Revenue

Kalshi has reportedly begun IPO talks with investment banks after surpassing $2B in annualized revenue and reaching a $22B valuation in its latest funding round

Kalshi has reportedly begun IPO talks with investment banks after surpassing $2B in annualized revenue and reaching a $22B valuation in its latest funding round

The Block ·

Blocmates unveils the “Holder Multiple,” a crypto-native valuation metric adjusting for token unlocks and buybacks to help institutions compare tokens beyond revenue

Blocmates unveils the “Holder Multiple,” a crypto-native valuation metric adjusting for token unlocks and buybacks to help institutions compare tokens beyond revenue

𝕏/@blocmates ·

VanEck pitches BNB's $160M revenue and 33M monthly users as VBNB ETF edge

VanEck pitches BNB's $160M revenue and 33M monthly users as VBNB ETF edge

Coindesk ·

Researcher argues crypto's next cycle will favor revenue-generating assets over speculative tokens, with protocols like AAVE and Jupiter outperforming through buybacks and value accrual

Researcher argues crypto's next cycle will favor revenue-generating assets over speculative tokens, with protocols like AAVE and Jupiter outperforming through buybacks and value accrual

𝕏/@0xdaft ·

RWA advocate warns most tokenization projects suffer from a "broken token" problem, where business revenue and asset value accrue offchain while token holders receive no economic upside

RWA advocate warns most tokenization projects suffer from a "broken token" problem, where business revenue and asset value accrue offchain while token holders receive no economic upside

𝕏/@ZeusRWA ·

Billions Network CEO Evin McMullen says Big Tech is scrambling for new revenue models as AI agents threaten to bypass search and advertising, putting Google's and Meta's core businesses at risk

Billions Network CEO Evin McMullen says Big Tech is scrambling for new revenue models as AI agents threaten to bypass search and advertising, putting Google's and Meta's core businesses at risk

Coindesk ·

Explore the full feed

Comments

Up nextMicrosoft warns Tor-based crypto clipper spreads via USB shortcuts to steal seed phrases and swap wallet addresses