Revenue sharing token mentions on CT are up 4x this week. Most people can name Hyperliquid. Nobody has mapped the full list. This is the most complete breakdown of DeFi protocols sharing revenue with holders ever posted on X. Bookmark this. —— PERPS & DERIVATIVES: The Biggest Payers @HyperliquidX: $51M paid to holders last month with an 89% fee retention. The single most capital-efficient revenue-sharing protocol in DeFi. @edgeX_exchange: $22.0M last month +190%. Paying out more in holder revenue than total protocol revenue. Subsidizing early holders intentionally. @lighter_xyz: $2.1M last month trading at a $338M market cap with a 2.2x P/F ratio, it is the most undervalued perp on this list. @gmx: $550K last month, the original revenue-sharing perp, three years running. @GainsNetwork_io: $178K last month, hosting 200+ synthetic assets, with every trade paying gToken holders directly. —— DEX & SPOT TRADING: Volume That Pays You @AerodromeFi: $3.8M paid to $veAERO holders last month. More holder revenue than Uniswap at 3x less volume. @Uniswap: $3.2M to $UNI holders. V4 overtook V3 in fees for the first time this month. @PancakeSwap: $2.2M last month. Consistent across three years and two chains. @JupiterExchange: $2.0M to $JUP stakers. 50% of all protocol revenue goes directly to holders. @RaydiumProtocol: $866K last month with $RAY buybacks running continuously. @THORChain: $1.4M last month(+201%) with every cross-chain swap paying $RUNE holders. @PharaohExchange: $437K last month. The largest DEX on Avalanche paying holders directly. ve(3,3) model routing every swap fee back to vePHAR lockers. —— LAUNCHPADS: Revenue Machine @Pumpfun: $20.4M to holders last month. The most profitable launchpad in crypto. No VC. No roadmap. Just fees. —— ORACLES & DATA INFRASTRUCTURE: The Hidden Yield @chainlink: $4.5M to $LINK stakers last month. 94% of all fees returned to holders. The most underappreciated revenue-sharing token on this list. @GEODNET_: $700K last month. Physical DePIN oracle network that pays token holders from real-world data fees. —— YIELD & STRUCTURED PRODUCTS: Revenue Funded by Design @SkyEcosystem: $1.12M to holders last month with $5.4B in lending TVL. RWA yield from is sourced from tokenized T-bills, Centrifuge, and Maple flowing directly to $SKY holders. The largest CDP protocol on this list by TVL. @pendle_fi: $824K last month. Up 51.7%. 80% of protocol revenue funds PENDLE buybacks. The only rate market in DeFi that became a CLARITY Act beneficiary by design. @kinetiq_xyz: $321K last month. Liquid staking for $HYPE. Every Hyperliquid validator reward compounds through kHYPE holders. The most direct yield exposure to the fastest-growing perp exchange. @sparkdotfi: $311K last month. The lending arm of the world's largest RWA issuer with $3.3B in TVL. Every dollar of SparkLend interest flows back to $SPK holders. @maplefinance: $213K last month. Institutional private credit onchain. The only lending protocol on this list has no retail depositors. @ether_fi: Revenue-funded buybacks running daily with 70K active cards and $2M in daily card spend. The market is still pricing this as a restaking protocol. —— MINING & DEPIN: Physical Infrastructure Paying Holders @OREsupply: $2.4M last month. Up 53.6%. 99% of all fees returned to holders. The highest fee-retention ratio on this entire list. @helium: $1.4M last month. Physical wireless network. Every data transfer pays HNT holders. @landbidbase: $582K in fees in 9, $202K in fees today alone, with an FDV of $589K.The protocol has generated its entire market cap in fees in under 10 days. @Qubic: $308K last month. Up 187.7%. AI compute network paying holders from idle processing fees. ——