How much revenue reaches the token

Nearly all protocol fees route to the Assistance Fund, which continuously buys HYPE on the open market and burns it. Holder revenue is effectively the whole take.

One of the strongest value-accrual designs in crypto. Token Terminal shows about 16.7x, so the low multiple is genuinely not misleading here.

Trading fees flow to veAERO lockers who vote for the fee pools, a direct dividend. The team keeps nothing from fees; passive holders get nothing, only lockers who vote.

The 7.9x reflects a recently depressed 30-day run-rate. On trailing-year revenue (~$129M) it is closer to 3.5x.

The fee switch went live December 28, 2025. About 17% of swap fees become protocol revenue, and effectively all of that flows to a burn jar where UNI holders redeem tokens against the fees. Roughly 100M UNI was burned.

The 99.7% is fair on a revenue basis, but the revenue is a thin 17% slice of swap fees; the rest goes to LPs. The multiple is sensitive to whether you use cumulative or run-rate revenue.

Essentially all protocol revenue funds open-market LIT buybacks, with a burn leg added July 1, 2026.

Recent run-rate passthrough is ~97%, but the full year is nearer 41% since buybacks ramped after TGE, and the burn is brand new with the first burn still pending.

12% of all trading fees buy back RAY. Of the revenue Raydium keeps (buyback plus a 4% treasury cut), roughly 80% goes to the buyback.

The 80.5% is the buyback share of protocol revenue, not of total fees. About $196M cumulative buybacks, ~26% of supply.

About 65% of protocol revenue converts to open-market CAKE buybacks that are burned, a deflationary passthrough. The rest goes to treasury.

DefiLlama puts the buyback share at 65.0%, matching the claim. On trailing-year revenue the multiple is nearer 4.4x.

50% of protocol revenue buys back JUP into the Litterbox trust, locked for three years. The other 50% funds the team treasury in SOL and USDC.

Over 113M JUP accumulated in the Litterbox. A governance proposal to lift the buyback to 70% is under debate.

50% of net revenue from the core products auto-routes to open-market PUMP buybacks that are burned immediately through a locked contract.

A rare case where a very low multiple is genuinely backed by revenue reaching the token. Over $218M bought back, about 36% of supply burned.

Aavenomics 3.0 went live in 2026 as an immutable, non-discretionary buyback that routes protocol and GHO revenue to AAVE. The budget was cut from about $50M to $30M a year.

The share reaching the token is low, near 14%, but the mechanism is now continuous and automatic, so the post's non-continuous label is out of date.

A buyback plus staking rewards route about 8.8% of protocol revenue to SKY holders. DefiLlama confirms holders revenue of $1.11M against $12.66M revenue over 30 days.

Honest framing. The 8.1x looks cheap, but with under 9% reaching the token, most of the revenue never touches SKY.

Around 80% of Pendle V2 fees buy back PENDLE, with up to all of the repurchased tokens paid to active sPENDLE stakers.

A genuine high-passthrough case, so the multiple is not misleadingly low. Passive holders capture less than sPENDLE stakers, and revenue has been softening.

The Chainlink Reserve uses Payment Abstraction to convert onchain and enterprise revenue into LINK, then holds it in a strategic reserve rather than burning or paying it out.

Real revenue capture, but the multiple is the opposite of cheap. DefiLlama shows about 100x price-to-onchain-revenue, so the token is priced well ahead of the cash flow it captures.

Buybacks are active, not paused. 100% of eETH withdrawal fees buy ETHFI weekly and pay it to sETHFI stakers, plus a share of broader revenue.

The paused premise is false. The multiple checks out at roughly 9.4 to 10x.

Discretionary treasury buybacks from a single wallet. A $10M buyback took about 2.3% of supply and ran to 88% of quarterly revenue.

Active for now, but discretionary and revenue is softening, so the pace may not hold. The 2.3% per quarter roughly offsets tokens that vest.

Lido's 10% staking fee splits roughly evenly between node operators and the DAO treasury. Only a conditional buyback capped at $10M a year, and only when ETH is above $3,000 and revenue above $40M, reaches LDO, and it lands in a DAO-owned LP rather than being burned.

The 90.3% is fabricated. At most about 10% of DAO revenue touches the token, and only under conditions. On 2025 DAO revenue the multiple is nearer 5x than 8.3x.

A CIP-38 buyback converts fees to COW, but it is sized to offset solver emissions rather than to distribute value. DefiLlama logs zero holders revenue.

The buyback is real but roughly neutralizes emissions, so net value reaching holders is near zero today. The 4.7x on market cap looks cheap only if you ignore that.

A governance-approved buyback-and-burn routes protocol-owned-liquidity treasury fees into WLFI. Over $19M has been spent and burned.

A mechanism does exist, so the no-mechanism claim is wrong, but it only routes POL fees. Grayscale puts the multiple nearer 17x than 13.7x.

A discretionary CARDS buyback-and-burn started in June 2026, but it is small, about 3.4% of net revenue to date.

CARDS here is Collector Crypt, not Cardstarter. Both post numbers are off. The 0.4x uses inflated gross revenue; on net revenue the FDV multiple is about 7x, and a small buyback does exist.

The fee switch is off, so the protocol takes no revenue for itself. MORPHO earns nothing today, even though the markets generate about $21M a month in interest that all goes to lenders.

DefiLlama shows $0 protocol revenue and $0 holders revenue. Morpho Labs folded 100% into a nonprofit in 2025, so no equity class sits above the token, but with the fee switch off the token still captures nothing. A rare case where the structure is clean and the accrual is zero.