# Solana DeFi — X 热门讨论 (2026-09-29 09:16 UTC)
## @Lumen0x (Lumen) · 09-29 06:21 · ♥58 ↻2 💬24 Protocol revenue is probably one of the most abused metrics in crypto.
A protocol can do $100M of fees.
The token can still receive exactly $0.
So here are 10 where there is an actual path between product economics and the token.
1. @Uniswap
Buyback + burn
The fee switch now takes a portion of fees across Ethereum and multiple other deployments and uses them to buy + burn UNI.
$15.9M holder revenue over the last 30D.
This is a completely different UNI than the one that spent years generating billions of volume with basically no token capture.
2. @SkyEcosystem
Buybacks + staking rewards
$13.5M protocol revenue 30D.
$4.8M reached holders through SKY buybacks / staking economics.
One of the cleaner old DeFi examples.
3. @PancakeSwap
Burns
$5.1M holder revenue over 30D.
Most of it still comes from BSC.
CAKE has an actual sink tied to protocol activity instead of just hoping trading volume makes the token valuable.
4. @Raydium
Buybacks
• $6.9M protocol revenue 30D. • $4.4M holder revenue.
RAY is basically a bet that Solana trading activity keeps creating enough economics to continuously remove supply.
5. @JupiterExchange
Buybacks
• $6.7M protocol revenue 30D. • $3.36M holder revenue.
And the interesting part is how many businesses are feeding the same ecosystem now.
Aggregator Perps Lending Launch products Limit orders
The token doesn’t need every product to monetize the same way.
It needs the ecosystem to keep creating revenue that can be routed back.
6. @NEARProtocol
Open-market buybacks
NEAR Intents did $4.49B volume over 30D.
Generated $1.65M captured revenue.
Basically all of that is currently counted as holder revenue.
Captured Intents revenue has been buying NEAR on the open market since February.
Probably one of the least discussed token-capture mechanisms rn.
7. @Aerodrome
Fees to veAERO voters
$1.1M holder revenue over 30D from the V1 deployment alone.
Different structure from a buyback.
You lock the token.
Vote where emissions go.
And trading fees flow back toward voters.
Token value is tied to control over liquidity incentives.
8. @LidoFinance
Buybacks
LDO finally moved beyond “governance token attached to a huge staking business.”
The accumulation program creates an explicit path from DAO economics back into LDO.
This is important because Lido is sitting on $26B of TVL.
The product was always huge.
The missing piece was token capture.
9. @ether_fi
Buybacks
https://t.co/Fp67vVWh4p has already executed token buybacks historically.
DeFiLlama tracks $16.8M of cumulative holder revenue from those purchases.
Current 30D holder revenue is basically zero though.
Important distinction.
Having a mechanism doesn’t mean it is continuously active.
10. @Uniswap Again Is Actually the Lesson
Because for years UNI was the perfect example of the problem.
Massive volume. Massive usage. Massive brand.
Token receives basically nothing.
Now the protocol can generate the exact same swap and part of the economics can end with UNI being bought and burned.
That’s the difference between:
Protocol usage
Protocol revenue
And token revenue
Three completely different numbers.
If you’re valuing tokens off a revenue dashboard without checking which one you’re actually looking at, you’re probably valuing the wrong thing. https://x.com/Lumen0x/status/2104818877972480450
## @rektonomist_ (Rektonomist) · 09-29 08:17 · ♥68 ↻3 💬11 Reminder that these chads are running ~$4.8B AUM, $7.4B in YTD originations, and $13.7M in YTD revenue.
Deposits sit around $1.8–1.9B, loans outstanding ~$1.7B, NIM ~98bps, and syrupUSD has been 110–130bps ahead of peers.
That is after an 81% AUM jump in H1 while broader DeFi lending contracted roughly 30–38%.
syrupUSDG is the tell. It went from zero to $200M in eight days once Maple put institutional credit behind Robinhood Earn.
Same pattern every time they cut distribution friction: Solana via CCIP, Arc day-one, Kraken warehouse. The credit standard did not loosen.
AKA - The pipes got shorter.
CCIP 2.0 does that again. Faster bridging now. Path to native mint/redeem off Ethereum later. 11 chains beyond mainnet. Token addresses unchanged. Holders do nothing.
My read: this does not reprice SYRUP overnight. It should expand where the existing $4.8B book can actually sit and compound.
That is how Maple has grown through ugly markets. Expect more of the same in Q4, slower headline, higher utilization. > 引用 @maplefinance: We're upgrading syrupUSDC, syrupUSDT, and syrupUSDG to @chainlink CCIP 2.0. That means quicker bridging now, and native mint and redeem on other chains in the future.
Here's what to expect ↓ https://t.co/E7Zo8lpkeK https://x.com/rektonomist_/status/2104847934923624801
## @Zephyro_STARK (Zephyro STARK ▚▘) · 09-28 22:07 · ♥50 ↻4 💬12 Ninjas, coming to @injective from Binance, Ethereum, Solana or Cosmos?
I made the whole route simple because the first transfer is where you really don’t want to make a mistake.
Start with a wallet like MetaMask, Keplr, Leap, Phantom or Ninji.
Copy your Injective address directly. Keplr uses an "inj" address, while MetaMask uses "0x".
Always copy the address directly. Don’t type it manually, and never enter your seed phrase on a website.
Coming from Binance?
➱ Buy or hold $INJ on Binance Spot ➱ Open Hub or Keplr and copy your Injective address ➱ Binance → Assets → Withdraw → INJ ➱ Paste your address ➱ Select Injective as the network ➱ Enter the amount and check the withdrawal fee + minimum ➱ Send a small test amount first ➱ Once it arrives, confirm your balance on Injective Hub
One important Binance check:
Asset = INJ Network = Injective Address = your correct Injective address
Don’t select Ethereum or BNB Smart Chain, and don’t send BEP20 or ERC20 to an "inj" address.
If Injective isn’t showing as the available network, stop and check before sending.
Coming from Ethereum?
You can use the official Injective bridge:
https://t.co/LkW9KpZBDc
Connect your wallet, choose the source chain and asset, select Injective as the destination, confirm your address, do a small test first, then complete the transfer and check Hub.
There’s also the official Ethereum → Injective guide for MetaMask:
https://t.co/A8108ay90Q
Coming from Solana?
Use Phantom on Solana and an Injective-compatible wallet on the destination side.
Current official SOL → INJ route is deBridge:
https://t.co/welpr2nuHo
From = Solana + SOL To = Injective + INJ Destination = your Injective "0x" address
This is a cross-chain swap. SOL is exchanged for INJ and sent to your Injective wallet.
Confirm the destination address, send a small test first, then check Hub.
Official Phantom guide:
https://t.co/3tLS8xdvUx
Don’t paste a Solana address as the Injective destination. Don’t send SOL to an "inj" address.
Coming from Cosmos?
IBC is another route through the official bridge.
And if you’re coming from another chain, routes such as deBridge, Stargate or Jumper can be options depending on the asset and route available.
The same rule applies everywhere:
Check the URL. Check the network. Check the address. Test small first.
Once your $INJ arrives, don’t rush into trading.
Open Injective Hub:
https://t.co/NCM3aHYiff
Then you can:
➱ Confirm your balances ➱ Stake a small amount of $INJ ➱ Read a governance proposal ➱ Save InjScan to track transactions: https://t.co/G9350Ltokd ➱ Explore Helix when you’re ready to trade
And if you want to get $INJ directly:
https://t.co/DYnCHyVLfM
That’s basically the full path:
Wallet → Transfer → Injective Hub → Stake / Governance → Explore the ecosystem.
Injective dApps
@HelixMarkets — Injective’s main DEX. Trade spot, perps, and RWAs on an on-chain order book.
@hydro_fi — Stake INJ and get liquid tokens. Keep staking rewards and still use them in DeFi.
@neptune_finance — Lending market. Deposit to earn, or borrow against collateral.
@ChoiceXchange — Swap aggregator. Checks routes and pools for a better price.
@ParadyzeFi — AI trading terminal. Type what you want to trade and it executes on-chain.
@MitoFinance — Vaults and automated strategies. Deposit and let the vault manage yield.
If you’re new to Injective, save this before making your first transfer.
One wrong network can turn a simple transfer into a very expensive mistake.
DYOR and always verify the route before sending. https://x.com/Zephyro_STARK/status/2104694438018892263