The altcoin market has spoken
It says the age of pure speculation for tokens is over
And from now on, projects will have to actually deliver real value to tokenholders
Projects like
@HyperliquidX,
@AerodromeFi,
@JupiterExchange, and
@SkyEcosystem
From 2022 - 2025, OTHERS.D crashed from 20% to sub-7%
This seems to be directly correlated to the material increase in holders' revenue as a % share of total DeFi revenue
Since 2024, this share has increased from 17.4% to 35.6% - over a 2x
"But it's all Hyperliquid"
Nope. Even if you exclude Hyperliquid, the % moves from 17.2% in 2024 to 26% in 2026 - a 50% increase
Data from
@DefiLlama,this data excludes Tether and Circle