DeFi Cash Flow

Users paid $347.5mn across the five protocols over 30 days. The protocols kept $100.0mn, while $84.6mn was recorded as reaching token holders.

This page follows money through five large DeFi businesses. It keeps user fees, protocol income and token-holder income separate, then tests valuation and dependence on the leader.

Latest 30-day records checked 19 September 2026

USERS100

PROTOCOLKEEPS A SHARE

TOKENMAY RECEIVE LESS

one payment, three different readings

User payments · 30 days$347.5mnFees paid to use the five protocols

Protocol income · 30 days$100.0mnAmount the protocols kept

Recorded for token holders$84.6mnReported holder revenue

Protocol share of fees28.8%Income divided by user payments

Holder share of income84.6%Reported holder revenue divided by income

Yearly income pace$1.2bnThirty-day income repeated for a year

Combined token value$30.4bnCurrent market value of the five tokens

Token value / income24.98×Combined value divided by yearly income pace

Fee growth positive0 of 5Latest 30 days versus the prior 30

Largest income sourceHyperliquid64.3% of the five-protocol total

Income without leader$35.7mnLargest protocol removed

Lowest value / incomeSky10.19×

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Who earns, and who receives it?

User fees, protocol income and token-holder income are three different steps.

Protocol	User fees	Protocol income	Recorded for holders	Share kept	Fee change	Token value	Value / income
Hyperliquid	$82.3mn	$64.3mn	$64.3mn	78.2%	Not available	$20.5bn	26.18×
Uniswap	$193.9mn	$15.9mn	$15.9mn	8.2%	Not available	$5.7bn	29.70×
Sky	$27.1mn	$13.5mn	$4.3mn	49.8%	Not available	$1.7bn	10.19×
Aave	$35.5mn	$5.0mn	$0.00	14.2%	Not available	$2.2bn	36.54×
Maple	$8.7mn	$1.3mn	$127.9k	14.7%	Not available	$254.3mn	16.34×

Users paid $347.5mn across the five protocols over 30 days. The protocols kept $100.0mn, while $84.6mn was recorded as reaching token holders.

Does one protocol carry the result?

The largest income source is removed before the group is valued again.

All five protocols$100.0mn

Without Hyperliquid$35.7mn

Hyperliquid$64.3mn

Token value is not equity value. Holders have no automatic claim on protocol income.