DeFi has a concentration problem. Over the past 30 days, just ten protocols generated 87% of all holders revenue across the entire decentralized finance ecosystem, according to DefiLlama data.
The numbers behind the squeeze
Hyperliquid topped the leaderboard with $53.5 million in holders revenue, good for 38.4% of total DeFi distributions. Second place went to edgeX, which pulled in roughly $23.3 million, or 16.7% of the total. Pump.fun, the Solana-based memecoin launchpad, wasn’t far behind at approximately $22.9 million, capturing 16.4%.
Together, those three protocols alone accounted for over 71% of all holders revenue. The remaining seven protocols in the top ten split the leftover 16% or so among themselves.
“Holders revenue” as tracked by DefiLlama refers specifically to the value flowing back to token holders through buybacks, token burns, fee-sharing mechanisms, and staking payouts. It’s distinct from the fees a protocol retains on its own balance sheet.
