If you're into the wild world of decentralized finance (DeFi), you’ve probably heard about how protocols reward their token holders. A recent tweet from DefiLlama dropped some exciting data, ranking the largest DeFi protocols by holders revenue over the past 30 days. As of July 10, 2025, this list gives us a peek into which projects are leading the pack and how they’re sharing the wealth. Let’s break it down!

What’s Holders Revenue Anyway?

Before we dive in, let’s clarify what "holders revenue" means. It’s the money that goes directly to the people holding a protocol’s tokens—think of it as a thank-you for sticking around. This revenue often comes from trading fees, buybacks, or other incentives, and it’s a hot metric for measuring a protocol’s success beyond just total value locked (TVL).

The Top Players

The list, shared by DefiLlama on July 9, 2025, highlights some big names:

• PancakeSwap takes the crown with a whopping $9.03 million in holders revenue over 30 days (and $5.95 million in the last 24 hours). As a decentralized exchange (DEX) operating across 9 chains, it uses 0.057% of fees for CAKE buybacks and burns, with 40% of those fees fueling the process. It’s a fan favorite on the BNB Smart Chain!
• Convex Finance follows with $1.88 million over 30 days ($816,884 in 24 hours). This yield farming protocol sends all its revenue— including bribes—to CVX lockers and stakers, making it a go-to for those maximizing returns.
• Hyperliquid rounds out the top three with $58.5 million over 30 days ($1.58 million daily). A DEX on one chain, it funnels 93% of fees into an Assistance Fund for burning tokens, with the rest going to the HLP Vault.
• Other notables include Sky ($13.6 million), Aerodrome ($12.62 million), Raydium ($5.88 million), and letsBONKfun ($4.05 million), each with unique models like staking rewards and token buybacks.

Why This Matters

This data is a goldmine for anyone tracking DeFi trends. Holders revenue shows how much a protocol values its community, often through buybacks (reducing token supply) or direct payouts. For example, PancakeSwap’s burn mechanism could boost CAKE’s value over time, while Convex’s bribe system keeps stakers engaged. It’s a shift from the old TVL obsession, where big numbers didn’t always mean big profits.

What’s Next for DeFi Enthusiasts?

If you’re a blockchain practitioner or just love meme tokens and DeFi, this list is a great starting point. Platforms like meme-insider.com are perfect for digging deeper into these trends, offering a knowledge base to level up your game. Keep an eye on how these protocols evolve—will PancakeSwap hold its lead, or will a new contender rise?

This snapshot from DefiLlama is a reminder that DeFi is all about rewarding its holders. Whether you’re staking, trading, or just hodling, understanding these revenue streams can help you navigate the space like a pro. What do you think—any protocols you’re betting on? Drop your thoughts below!