Pumpfun surpasses Hyperliquid, claims third-largest protocol by revenue

Pumpfun has overtaken Hyperliquid to become the third-largest protocol by weekly revenue, driven by its activity as a Solana memecoin launchpad. This shift highlights the competitive landscape within the decentralized finance (DeFi) space, where Solana-based protocols are increasingly challenging established perpetual decentralized exchanges (DEXes) like Hyperliquid. Meanwhile, Tether maintains its dominance in protocol revenues, generating $16.2 million largely from yields on investments in US Treasury Bills from its USDT reserves.

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