Three DeFi applications—Hyperliquid, Pump.fun, and edgeX—have collectively returned $96.3 million to their token holders over the past four weeks, according to a new report. Hyperliquid led the distribution with $42.8 million, followed by Pump.fun at $31.44 million and edgeX at $22.03 million. However, analysts question the long-term sustainability of these models. Hyperliquid's protocol-driven revenue sharing is seen as more resilient, while Pump.fun and edgeX rely on volatile transaction fees and user activity. The report notes that Hyperliquid's approach, which distributes fees from its decentralized exchange, provides a more predictable income stream compared to the speculative token launches on Pump.fun or the lending fees on edgeX. Despite the impressive short-term payouts, only Hyperliquid's model is considered likely to endure as DeFi matures, due to its structural alignment with actual protocol usage.

Key facts

• Hyperliquid returned $42.8M to token holders in 30 days.
• Pump.fun and edgeX distributed $31.44M and $22.03M respectively.
• Hyperliquid's revenue-sharing model is considered more sustainable.
• Pump.fun and edgeX rely on volatile transaction fees or lending income.
• Only Hyperliquid's protocol-aligned payouts are seen as built to last.