A launchpad is now drawing level with the biggest perp venue in crypto on revenue. $PUMP protocol revenue runs $1.1M/24h against Hyperliquid's $2.3M. That's 0.46x today, 0.9x over 7 days, 0.94x over 30. The gap is closing because https://t.co/URpSKqimdG plus PumpSwap fees compound into a buyback that never sleeps: $504K in holders revenue today, $18.2M over the last month. Hyperliquid is a perp exchange. PUMP is a token launchpad. One of these businesses has a much longer runway to keep growing its fee base. The flippening hasn't happened yet. But at this pace, the 24h line crosses 1.0 before the year ends.
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