Pump.fun
When Revenue Doesn't Move the Token: Pump.fun, Hyperliquid and the DeFi Revenue Paradox
High protocol revenue no longer guarantees token rallies. This article dissects why Pump.fun generated ~$39M in monthly revenue while PUMP stayed flat and contrasts that with Hyperliquid’s market‑cap surge, offering a practical framework to evaluate revenue capture in DeFi.
Published at 2026-03-19 14:57:44