Hyperliquid generates $773 million in revenue; Uniswap holders’ share is 8%

Hyperliquid's annualized revenue over the 30 days to October 28 reached $773 million, but Blockworks Research calculates its token-holder value return rate at just 0.29% once dilution from new token issuance is factored in. The firm compared the revenue and holder-return structures of Hyperliquid (HYPE), Sky (SKY), PancakeSwap (CAKE), Aerodrome (AERO), and Uniswap (UNI) in an X post, noting that figures are annualized from trailing 30-day data rather than confirmed full-year results. The analysis highlights that user fees paid differ from protocol revenue captured, and the share flowing back to holders varies by mechanism—buyback-and-burn, direct distribution, or new issuance. Uniswap holders capture only about 8% of the value, underscoring how little fee revenue reaches tokenholders across major DeFi protocols. Investors should watch whether Hyperliquid and peers shift toward more aggressive buybacks or direct distributions to improve holder return rates.