Top 10 DeFi protocols account for 87% of distributed revenue

Over the past month, 87% of all revenue distributed to cryptocurrency holders in the DeFi sector was concentrated in just 10 protocols, according to an analysis by Unfolded citing data from DefiLlama. Hyperliquid (HYPE) ranked first, distributing $53.5 million (38.4%), followed by EdgeX (EDGEX) with $23.3 million (16.7%) and Pump.fun (PUMP) with $22.9 million (16.4%). These top three projects alone accounted for 71.5% of the total, highlighting significant market concentration. Unfolded noted that Hyperliquid maintains a sustainable revenue structure, as it distributed its entire revenue to crypto holders without any incentive spending.