Hyperliquid Flips PumpFun to Become Top 3 Revenue Generator in DeFi

Hyperliquid, the decentralized exchange (DEX) and Layer 1 (L1) blockchain, has flipped PumpFun to become the third highest revenue generator in DeFi, and the top revenue generator with a token.

The DEX has earned $12.6 million in fees over the last week, or $1.8 million per day. The revenue does not include any blockchain (HyperEVM) transaction fees, and is exclusive to its DEX offerings.

Hyperliquid’s revenue has been exceptionally high over the last week, given the crypto market’s extreme volatility, and large amounts of liquidations.

The protocol recently added spot BTC trading to its protocol, and is set to add spot ETH soon, after the UETH (Unit ETH) ticker was purchased via auction for $51,000.

Many also speculate that HyperUnit, which is a tokenization layer for Hyperliquid, is looking for a way to tokenize and add stocks to the decentralized exchange.

The ecosystem’s L1 mainnet launched on Feb 18, and is still in its infancy, with only a few protocols and relatively low activity on the network so far.

Despite the numerous activations on Hyperliquid, the token is lagging alongside the rest of the altcoin market. The ecosystem’s native token, HYPE, is down 15% over the last week to $20.5, which is 40% off of its all-time high of $34.