DeFi Cash Flow

Users paid $269.4mn across the five protocols over 30 days. The protocols kept $97.0mn, while $83.3mn 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 20 October 2026

USERS100

PROTOCOLKEEPS A SHARE

TOKENMAY RECEIVE LESS

one payment, three different readings

User payments · 30 days$269.4mnFees paid to use the five protocols

Protocol income · 30 days$97.0mnAmount the protocols kept

Recorded for token holders$83.3mnReported holder revenue

Protocol share of fees36.0%Income divided by user payments

Holder share of income85.8%Reported holder revenue divided by income

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

Combined token value$26.3bnCurrent market value of the five tokens

Token value / income22.23×Combined value divided by yearly income pace

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

Largest income sourceHyperliquid70.5% of the five-protocol total

Income without leader$28.6mnLargest protocol removed

Lowest value / incomeSky10.30×

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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	$84.9mn	$68.4mn	$68.4mn	80.6%	Not available	$17.5bn	21.06×
Sky	$28.0mn	$13.5mn	$5.8mn	48.2%	Not available	$1.7bn	10.30×
Uniswap	$110.1mn	$8.9mn	$8.9mn	8.1%	Not available	$4.5bn	41.46×
Aave	$38.4mn	$5.0mn	$0.00	13.1%	Not available	$2.3bn	37.85×
Maple	$8.1mn	$1.2mn	$119.3k	14.7%	Not available	$225.9mn	15.56×

Users paid $269.4mn across the five protocols over 30 days. The protocols kept $97.0mn, while $83.3mn 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$97.0mn

Without Hyperliquid$28.6mn

Hyperliquid$68.4mn

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