The decentralized futures platform Hyperliquid (HYPE) has surpassed the $1.4 billion mark in total protocol revenue, with over $1.26 billion of that revenue being used for HYPE token buybacks.
According to a research report on the on-chain perpetual futures market published by Castle Labs, Hyperliquid maintains its strong position in the decentralized derivatives market. The platform controls more than 56% of the on-chain perpetual futures market in terms of open interest size.
Another notable development in the report is that Hyperliquid is allocating a significant portion of its revenue to HYPE token buybacks. The total value of these open market buybacks exceeds $1.26 billion, highlighting this mechanism as a key element of the HYPE token economy.
Phantom and MetaMask Also Earned Millions of Dollars Through Hyperliquid
The Castle Labs report also highlighted the success of Hyperliquid’s Builder Codes mechanism, which it provides to third-party applications.
This system allows cryptocurrency wallets and other applications to use Hyperliquid’s trading infrastructure without having to develop their own futures trading infrastructure. This enables applications to offer futures trading services to their users while generating revenue from transactions.
According to the report, the popular cryptocurrency wallet Phantom has generated over $25 million in revenue to date through its Builder Codes mechanism. MetaMask’s total revenue from the same system has exceeded $10.5 million.
*This is not investment advice.
