# DefiLlama protocol revenue — X 热门讨论 (2026-09-22 08:48 UTC)
## @Cryptoskyrun (Sky_Run ♟️) · 09-22 04:32 · ♥136 ↻1 💬25 Hyperliquid is quietly becoming one of the biggest revenue generating projects in crypto.
According to @coingecko, it generated $429M in revenue between Jan. 1 and Sept. 15, making it the highest-revenue project in their adjusted crypto ranking. Pump fun came next at $322M.
But the revenue figure isn’t even the part that caught my attention. Look at the activity behind it.
@HyperliquidX has processed more than $210B in perpetual volume over the last 30 days, according to @DeFiLlama That’s an insane amount of trading activity happening onchain and unlike many crypto protocols where revenue can be heavily dependent on incentives, Hyperliquid’s core revenue engine is pretty simple: Traders use the exchange → traders pay fees → the protocol generates revenue.
Then there’s what happens to those fees.
Hyperliquid currently directs 99% of its protocol fees to the Assistance Fund, which is used to buy $HYPE from the open market.
So the loop is pretty simple: → More trading activity → more fees → more protocol revenue → more $HYPE buybacks.
Hyperliquid has processed more than $5T in cumulative perp volume.
That’s no longer just a DEX with a token attached to it because the numbers so far show that people aren’t just holding HYPE. They’re actually using the product behind it. https://x.com/Cryptoskyrun/status/2102254668600504589
## @MasterCryptoHq (Master of Crypto) · 09-22 05:11 · ♥66 ↻22 💬9 CRYPTO LEARNING #8
5 websites I use to find new crypto topics, trends & research ideas:
1️⃣ Token Terminal - Find protocols making real revenue.
https://t.co/6mgTcSnmDm
Example: Compare Aave vs Uniswap revenue to see which protocol is generating more fees.
2️⃣ Artemis - Compare blockchain activity, users & ecosystem growth.
https://t.co/6hQ4XtiyGd
Example: Compare Solana and Base to see which chain is gaining more users.
3️⃣ DefiLlama - Track TVL, fees, revenue & stablecoin flows.
https://t.co/6Tvc8wp7U5
Example: Check a chain’s TVL to see if money is moving into its ecosystem.
4️⃣ CryptoRank - Find token unlocks, airdrops, fundraising & market data.
https://t.co/B1TmjZ4CTc
Example: Check next month’s unlocks before trading a token.
5️⃣ Kaito - Track crypto narratives, mindshare & trending topics.
https://t.co/PrQhGZt3GT
Example: Find out if AI or DePIN is getting more attention before researching tokens in that sector.
Bookmark this Post. 🔖
The next time you want to research a crypto topic, start with these 5 websites. https://x.com/MasterCryptoHq/status/2102264465244971342