# DefiLlama protocol revenue — X 热门讨论 (2026-09-29 06:34 UTC)

## @0xHedgehood (Hedgehood(🦔,🦔)) · 09-29 05:33 · ♥29 ↻2 💬9 We are the lowest market cap protocol which listed at top 20 @DefiLlama Rank by revenue 24h, we are #18 https://t.co/iAU9dAkI3J https://x.com/0xHedgehood/status/2104806874822610994

## @Lumen0x (Lumen) · 09-29 06:21 · ♥27 ↻0 💬1 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