Three crypto platforms — Hyperliquid, EdgeX, and Pump.fun — collectively sent $96.3 million in revenue to their token holders over the past 30 days. The figure, drawn from on-chain fee distributions, underscores how some protocols are channeling a slice of trading fees and other earnings directly back to the people who hold their tokens.
How the revenue sharing works
Each of these projects operates a model where a portion of the fees generated on the platform — from trades, launches, or other activity — is distributed to holders of a specific token. Hyperliquid, a derivatives exchange built on its own L1, has long directed a cut of its trading fees to those who stake its HYPE token. EdgeX, a decentralized exchange, follows a similar approach with its EDGE token. Pump.fun, a meme-coin launchpad, shares revenue from token creation fees with holders of its native token.
The $96.3 million figure covers only distributions made in the last month. That makes it one of the larger revenue-sharing payouts seen in DeFi recently, though exact comparisons are tricky because payout schedules and fee structures vary across protocols.
What drove the payouts
The size of the distribution suggests heavy usage across all three platforms. Hyperliquid has consistently ranked among the top decentralized derivatives venues by volume, while Pump.fun has seen a surge in meme-coin launches this year. EdgeX has also maintained steady trading activity. None of the platforms disclosed a breakdown of how much each contributed to the total, but the combined sum points to robust fee generation.
The 30-day window captures a period that included volatile crypto markets, which tend to boost trading volumes on derivatives exchanges like Hyperliquid. Meme-coin mania on Pump.fun also showed no signs of slowing down, with thousands of new tokens being created daily.
For investors, such payouts offer a direct yield from platform activity, similar to dividends in traditional markets. But they also carry risks: the distribution amounts depend entirely on future trading volumes and fee rates, both of which can drop sharply. Token holders who sell their tokens lose the right to future revenue, so the incentive is to hold — but that also means exposure to price swings in the token itself.
The three projects have not announced any change to their fee-sharing formulas. Revenue distributions are expected to continue on their regular schedules, with the next payout window likely to reflect current market conditions.
