In the fast-paced world of decentralized finance (DeFi), where yields often come padded with token emissions or incentive programs, Orderly Network stands out as a refreshing exception. A recent tweet from DeFi^2 highlights how this protocol is generating staking annual percentage rates (APRs) consistently above 40% purely from a portion of its fee revenue—no gimmicks involved.

For those new to the space, staking APR refers to the annualized return you earn by locking up your tokens in a protocol to support its operations, like providing liquidity or securing the network. Typically, high APRs are boosted by newly minted tokens or points systems to attract users, but that can lead to inflation and diluted value over time. Orderly, however, is pulling in an impressive $17 billion in monthly trading volume organically, without any such incentives. This real-user activity translates directly into sustainable yields for stakers.

Take a look at the ORDER/esORDER vault snapshot above: over 86 million tokens staked, yielding a solid 42.76% APR. That's not hype; it's backed by actual protocol fees from trading on Orderly's decentralized perpetual exchanges (perps DEXes). Perps are futures contracts that don't expire, allowing traders to bet on asset prices with leverage—think Bitcoin or Ethereum without owning the underlying asset.

What's even more exciting is the recent governance vote. Orderly token holders approved Proposal #21, which redirects up to 60% of net fees toward open-market buybacks of the ORDER token. This starts this month and could create upward pressure on the price by reducing circulating supply. While preserving staking rewards and something called VALOR (likely a related metric or program), this move shows the project's commitment to long-term value accrual.

The proposal passed overwhelmingly, as seen in the results: 98.44% in favor. This isn't just talk—it's actionable governance in DeFi, where community decisions directly impact tokenomics.

DeFi^2 points out that despite this, the market hasn't fully priced in Orderly's potential. With the number of Orderly-based DEXes growing exponentially, it's outperforming competitors in revenue relative to valuation. Check out this ranking of top perps protocols by 30-day volume:

Orderly sits at #4 with $17B in volume but a modest $79.4M market cap, earning an "Undervalued" score of 222. Compare that to leaders like Hyperliquid or Aster, and it's clear there's room for growth. As more frontends integrate and liquidity improves, expect this to shift.

The thread sparked some discussion too. One user, @SalsaTekila, who's building on Orderly, mentioned upcoming product enhancements like boosting liquidity for top pairs and marketing pushes. About 50 frontends, including SalsaDEX, have "graduated" to full integration, signaling ecosystem expansion. On the flip side, skeptics like @YesSer9999 warn that the "launch your own perps DEX" meta might fade, but even then, established players like Orderly could shine.

If you're into DeFi and looking for protocols with real traction, Orderly deserves a closer look. It's not relying on meme hype or short-term pumps—it's building on solid fundamentals. For more insights on emerging tokens and blockchain tech, stick around at Meme Insider.