August was the strongest month to date for holder’s revenue — a metric that tracks protocol fees sent back to token holders through buybacks or burns.
Data shared by teams and community dashboards show Hyperliquid at the top over the past 30 days, followed by Pump, Tron, Jupiter, and Ethereum.
The common thread: more protocols are using operating revenue to support their tokens.
What the metric means
Holder’s revenue reflects fees that are either burned or used to buy tokens on the market, then distributed or retired. It does not measure price performance, but it does indicate that a structural buyer (the protocol itself) may be present when activity and fee generation rise.
Hyperliquid
Hyperliquid posted a record month of open interest and spot DEX trading, which translated into about $110 million passed to token holders in August.
Charts of holder’s revenue for the period trend “up and to the right,” signaling steady weekly contributions.
Pump (PUMP)
Pump has now bought back ~5% of circulating PUMP, with ~4% purchased in the last month alone.
Holder’s revenue topped $20 million per week for three straight weeks. If fee levels remain high, the team expects buybacks to continue on a similar cadence.
Jupiter (JUP)
Jupiter’s holder’s revenue crossed $20 million in August, nearly double July’s figure.
The project routes 12.5% of perp fees plus fees from several products — Aggregator, Staked SOL, DCA, Studio, and more, back to token holders.
Why it matters
The buyback-and-burn approach that Hyperliquid popularized is now showing up across protocols and chains.
This does not guarantee higher prices, but it adds a repeat buyer tied to real usage: when protocols earn more, they can buy more. For investors, the key variables are sustainability of fees, transparency of distributions, and liquidity in the underlying tokens.
