Hyperliquid Leads Five-Token Screen With $773 Million in Annualized Revenue

Hyperliquid (HYPE) led the five tokens, with $773 million in annualized revenue from 30-day activity through Oct. 28 and a 0.29% dilution-adjusted yield after issuance.

The comparison examines revenue and fees alongside the mechanisms that direct value to holders or reduce token supply. Its annualized revenue and fee figures extrapolate activity during the 30 days through Oct. 28. Other measures use different windows, including Sky’s payout estimate based on September, Aerodrome’s emissions over the past year and CAKE’s 37-month supply trend. These are estimates of tokenholder value accrual, not realized investment returns.

Revenue does not show how much value reaches tokenholders. Some protocols buy and burn tokens, reducing supply; others distribute value to stakers or lockers. New issuance can offset those benefits. The dilution-adjusted annual yield measure compares estimated annual value accrual with token value, then subtracts dilution from new supply.

Hyperliquid generated $979 million in annualized fees over the same 30-day period, with about 79% counted as revenue. Annualized revenue also includes roughly $140 million a year from stablecoin reserves. Revenue goes to the Assistance Fund, which buys HYPE and sends the tokens to addresses with no private keys. Holders receive no cash from the process and do not need to stake. Buybacks add value at an estimated 2.07% annual rate. Staking rewards add 1.78% in annual issuance, offsetting most of that accumulation and leaving a 0.29% dilution-adjusted yield.

Sky (SKY) had $162 million in annualized revenue and $346 million in fees over the 30-day period. After payments to USDS savers and Prime Agents, plus operating costs, estimated annual profit was about $130 million. Half goes to a reserve until it reaches $150 million. The other half was estimated to support about $61 million a year in holder distributions, based on September’s payout. Holders must stake SKY to receive distributions, which include USDS and SKY bought on the market. Governance can change the allocation, and holder payments have previously been reduced to build the reserve.

PancakeSwap (CAKE) recorded $48 million in annualized revenue against $145 million in fees during the 30-day period. About 22% of weekly fees, or roughly $32 million a year, is used to buy and burn CAKE. The mechanism does not require holders to stake or lock their tokens. CAKE had posted net supply declines for 37 consecutive months through the period covered. The team carries out the burns weekly, so the process depends on continued execution.

Aerodrome (AERO), with figures that combine Aerodrome and Velodrome, generated $92 million in annualized revenue and $134 million in fees over the same 30 days. Holders must lock AERO and direct emissions to pools to receive pool fees. Those distributions account for about 69% of total fees and produced an estimated 6.2% annualized yield. Emissions over the past year amounted to 12.4%, leaving the estimated dilution-adjusted yield at minus 6.2%. That emissions figure describes the past year, not a forward annual rate.

Uniswap (UNI) generated $87 million in annualized value for holders against $1.04 billion in fees over the 30-day period, or about 8% of fees. Fees from v2, v3 and v4 on seven chains are used to buy and burn UNI, without requiring holders to stake. The estimated annual accumulation yield was 1.9%. An annual budget of 20 million UNI for Uniswap Labs was estimated to increase new supply by 3.2%, leaving a dilution-adjusted yield of minus 1.3%. Expanding fee collection to more pools or chains still requires governance approval, and holders can vote on fee levels.