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Just 20 of 1,244 Protocols Passed $10M to Holders Despite $20B in Fees

Just 20 of 1,244 Protocols Passed $10M to Holders Despite $20B in Fees

A $20 billion gap

The gap starts with definitions. DeFiLlama explicitly separates "protocol revenue" from "tokenholder revenue," two numbers that rarely move together. A protocol can book enormous fees while its token does nothing for holders. The 1kx numbers suggest that's the norm, not the exception.

Most of that fee haul stays inside the protocol