DeFi Cash Flow

Users paid $314.2mn across the five protocols over 30 days. The protocols kept $105.3mn, while $91.2mn 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 10 October 2026

USERS100

PROTOCOLKEEPS A SHARE

TOKENMAY RECEIVE LESS

one payment, three different readings

User payments · 30 days$314.2mnFees paid to use the five protocols

Protocol income · 30 days$105.3mnAmount the protocols kept

Recorded for token holders$91.2mnReported holder revenue

Protocol share of fees33.5%Income divided by user payments

Holder share of income86.5%Reported holder revenue divided by income

Yearly income pace$1.3bnThirty-day income repeated for a year

Combined token value$28.5bnCurrent market value of the five tokens

Token value / income22.22×Combined value divided by yearly income pace

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

Largest income sourceHyperliquid69.9% of the five-protocol total

Income without leader$31.8mnLargest protocol removed

Lowest value / incomeSky11.03×

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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	$90.8mn	$73.6mn	$73.6mn	81.0%	Not available	$19.0bn	21.23×
Sky	$27.3mn	$13.5mn	$5.6mn	49.4%	Not available	$1.8bn	11.03×
Uniswap	$147.9mn	$11.8mn	$11.8mn	8.0%	Not available	$4.7bn	33.02×
Aave	$38.2mn	$5.0mn	$0.00	13.0%	Not available	$2.6bn	43.62×
Maple	$10.0mn	$1.5mn	$150.2k	15.0%	Not available	$275.0mn	15.04×

Users paid $314.2mn across the five protocols over 30 days. The protocols kept $105.3mn, while $91.2mn 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$105.3mn

Without Hyperliquid$31.8mn

Hyperliquid$73.6mn

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