DefiLlama’s New Ranking Exposes Which Crypto Projects Really Pay Their Holders
Crypto data site DefiLlama launched a Growth view that ranks projects by how fast their fees, revenue and token holder payouts are rising, and its own numbers show most big names are paying holders less than a month ago.
Key Takeaways
- DefiLlama added a Growth view to its homepage on Sunday
- Users can sort by growth in fees, revenue, holders revenue, TVL or price, set a minimum and view by project or category
- Holders revenue is the money a project passes on to the people who hold its token
- DefiLlama data shows holder payouts at Hyperliquid’s perpetuals exchange fell about 59% over the past month, and pump.fun’s fell about 55%
DefiLlama announced the feature on X, asking which protocols have the fastest growing holders revenue. The site is one of the most widely used dashboards for decentralized finance, or DeFi, the crypto apps that let people trade, lend and borrow without a bank.
Size Versus Speed
Until now, DefiLlama’s main tables mostly rewarded size. The biggest projects sat at the top whether they were growing or shrinking. The Growth view flips that and puts the fastest risers first.
Three terms matter here. Fees are what users pay to use a project. Revenue is the part the project keeps. Holders revenue is the slice that goes to token holders, for example through buybacks. TVL, or total value locked, is the dollar value of crypto deposited in a project.
Putting those side by side with price helps a reader spot whether a token’s rally is backed by real business or just hype.
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What The Numbers Show Right Now
Fathom pulled DefiLlama’s holders revenue data for every project that paid holders more than $1 million in the past 30 days. Only two of them grew from the month before.
| Project | Paid To Holders, 30 Days | Change Vs Prior Month |
|---|---|---|
| BONK.fun Launchpad | $1.35M | +168% |
| Hyperliquid Spot | $1.92M | +24% |
| Sky Lending | $5.54M | -6% |
| Tron | $24.67M | -31% |
| pump.fun | $23.79M | -55% |
| Hyperliquid Perps | $64.79M | -59% |
Hyperliquid‘s perpetuals exchange is still by far the biggest payer on the list, at nearly $65 million in a month. But its payouts have more than halved, which a size-based table would never show.
For token holders, the new view boils down to one simple question. Is the project earning more, and is any of it reaching them?
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