Three leading DeFi applications—Hyperliquid, EdgeX, and Pump.fun—have collectively distributed $96.3 million to token holders over the past 30 days, according to DefiLlama data. Hyperliquid led the distribution with $50.95 million, returning all revenue directly to holders without incentive spending. Pump.fun returned $22.09 million from a total revenue of $38.81 million, while EdgeX distributed $23.26 million, suggesting it may have utilized reserves or other income sources. On an annualized basis, Hyperliquid generated $9.46 billion in revenue, Pump.fun $4.81 billion, and EdgeX $2.36 billion. This marks a shift in the DeFi sector's focus from trading volume to actual revenue generation. Andre Cronje, founder of Yearn.Finance, highlighted that DeFi is evolving into the infrastructure of the on-chain economy, with the stablecoin market reaching $320 billion and decentralized exchanges recording significant trading volumes.