# DefiLlama fees — X 热门讨论 (2026-10-10 10:12 UTC)
## @MeshClans (Mesh) · 10-10 08:44 · ♥29 ↻1 💬18 September Holders Revenue hit $193.2M, the best month since Nov 2025.
It rose $45.2M from August, the second straight monthly gain, from $106.9M in July.
Three protocols drove $29.3M of the rise. Each returns value to holders through a different machine.
1️⃣ The buyback machine: Hyperliquid (@HyperliquidX), +$12.8M
Perp fees ➢ Assistance Fund ➢ HYPE buybacks.
Perp fees and holder revenue both rose by roughly $13M, so the buyback stream scaled with trading activity and needed no policy change.
That near 1:1 move is the highest observed elasticity among the three this month. Hyperliquid led the month at $74.2M.
2️⃣ The burn machine: Uniswap (@Uniswap ), +$6.2M
v3 swap fees ➢ UNI bought ➢ UNI burned.
Tracked volume rose 68.6% and holder revenue rose 66.0%, so the two moved almost in step. And Robinhood Chain, switched on Jul 27, supplied $4.5M of the increase.
Each new chain under the fee switch expands the volume that feeds this stream.
3️⃣ The voter machine: Aerodrome (@aeroxyz ), +$10.3M
Swap fees and external voting incentives ➢ veAERO voters.
No buyback in the middle. Holders get paid directly for voting, and projects bring incentives to compete for those votes. Slipstream's holder revenue went from $4.1M to $13.6M.
@bonkfun , @Raydium and Sky added another $11.0M between them.
Breadth is widening. 241 parent protocols paid holders in September, up from 188 at the Aug 2025 peak. And the top three's share fell from 63.9% to 58.7%.
Four protocols that had no positive holders revenue in DefiLlama's 2025 history (Aster, Lighter, Lido and NEAR Intents) contributed $10.9M of the September total.
What's becoming clear is that holders revenue now runs on three machines. Buybacks, burns and voter payouts appear together on the chart, each driven by a separate factor: perp fees, swap volume or voter incentives.
From here the useful metrics are the count of paying protocols and the top three share. Both moved the right way in September.
If volume doubles and policy stays constant, which of the three machines do you expect to deliver the largest increase in holders revenue?
h/t @DefiLlama https://x.com/MeshClans/status/2108841120713060606