GuShiio.com Author | defioasis
Edit | Colin Wu
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Memecoin has attracted a lot of attention and investment because of its unique culture, humorous image and community-driven characteristics, and the fair launch mechanism of pump fun has pushed the Meme craze to a new peak. However, with the intensification of PvP and the birth of new stocks more and more rapidly, the so-called narrative logic, Meme symbols and community culture have long since disappeared. Who calls the order becomes the key, the status background resources determine the Memecoin price can reach the peak in the short-term attention, after the mood and attention will be a chicken feather. With President Trump of the United States and CZ, founder of Binance, the largest exchange, the role of ldquo; as a carrier of pure attention game seems to have reached its peak, because there are very few people with higher status than them, and many users also feel tired. As the opposite of fair launch, although VCcoin has problems such as high valuation and low efficiency, sustainable projects that have a clear business model, real revenue and can empower them are expected to stand out in the impetuous encryption market. This article will take an inventory of five projects in the current market that have strong real income and are used to empower them.
(1) Hyperliquid: repurchase income from transaction fees
Hyperliquid is a chain Perpetual Contract Exchange and has launched a Dutch auction mechanism to obtain new spot seats. Hyperliquid’s income mainly comes from contract transaction fees, HIP-1 auction fees, spot transaction fees and HLP MM PnL. Hyperliquid is now the largest chained derivatives exchange, accounting for about 60 per cent of the market share.
(source: https://dune.com/uwusanauwu/perps)
HYPE can be regarded as having a dual deflation mechanism. A portion of the revenue from the Hyperliquid platform (that is, USDC fees) will go to Hyperliquid Assistance Fund to support HYPE buybacks. As of February 10, since TGE in early December, Hyperliquid Assistance Fund has spent about 149 million USDC to buy back 14.693 million HYPE, or 1.47% of the total, and has made a profit of about $194 million, according to HypurrScan.
On the other hand, the supply will be reduced by destroying the HYPE in the transaction costs, and the HYPE portion of the HYPE/USDC spot transaction costs will be destroyed directly, which further reduces the supply in circulation. HYPEBurn data show that as of February 10, 153100 HYPE had been destroyed in transaction costs.
(2) Jupiter: not only the diversified business system of aggregators and 50% of the agreed income for repurchase
As the largest DEX aggregator of Solana, with the hot market on the Solana chain, Jupiter has almost no rival in the aggregator field. Over the past 24 hours, Jupiter aggregate trading volume reached $3.224 billion, eight times more than the second-ranked OKX (about $411 million), according to DeFiLlama.
Unlike other aggregators who started but only made aggregator products, Jupiter is also actively expanding other businesses, including Jupiter Perp, DCA, Swap API and French currency channels, while the largest business revenue comes from Jupiter Perp. Although Jupiter Perp has a much lower market share than Hyperliquid in the multi-chain contract exchange, it is the absolute leader on the Solana network.
(source: https://blog.syndica.io/deep-dive-solana-dapps-revenue-december-2024/)
According to Syndica, revenue from the Jupiter agreement reached an all-time high of $21 million in December 2024, more than sevenfold from January of the same year; throughout 2024, revenue from the Jupiter agreement reached $102 million.
In late January, Jupiter officially announced that it would spend 50 per cent of the agreed revenue on buyback JUP, equivalent to $50.1 million a year based on full-year 2024 revenue.
(3) the maximum DEX of Raydium:Solana and 12% of each transaction fee are used for repurchase.
In the second half of 2024, Solana overtook Ethereum DEX to become the network with the highest transaction volume on the chain. Solana DEX trading volume exceeded $630 billion for the whole of 2024, with Raydium rising from less than 40 per cent of the market share at the beginning of the year to the absolute leader of Q4 with more than 80 per cent market share.
(source: https://blog.syndica.io/deep-dive-solana-dapps-revenue-december-2024/)
Compared with Jupiter, Raydium’s revenue model is much simpler. There is a certain transaction fee for each transaction in Raydium Pool. For example, the transaction cost of the standard AMM Pool is 0.25% and the transaction cost of the Raydium Pool Pool is 0.01% & mdash; 2%. Of the transaction fees charged, 84 per cent were allocated to LP,12% for RAY buybacks and 4 per cent were returned to the treasury.
According to DeFiLlama, Raydium captured about $664.4 million in fees in 2024, equivalent to $79.728 million in annual repurchases.
(4) GMX:AMM Perp Representative and Pledge dividend
As one of the early on-chain derivatives exchanges, unlike the current mainstream order sheet model, GMX uses the automatic market maker model (AMM) to trade perpetual contracts. Users provide assets (such as ETH, BTC, stable coins) to GMX’s GLP pool as counterparties to GMX Traders transactions. However, compared with the order thin model, AMM Perp is less suitable for running strategies and more suitable for some low-frequency trading, so GMX is characterized by high positions but low daily trading volumes. Despite being challenged by order books such as Hyperliquid, DeFiLlama data show that GMX still captured about $111 million in 2024, of which five months exceeded $10 million.
(source: https://defillama.com/fees/gmx)
30 per cent of the fees captured from the GMX V1 transaction and 27 per cent of the V2 will be rewarded by the GMX pledgee, which is equivalent to a fee dividend of approximately US $33 million based on the full-year fee of 2024. In the current GMX circulation, 64 per cent of GMX is pledged and is now worth about $145 million.
(5) Banana Gun: a challenging veteran TG trading robot to share dividends with holders
As one of the first Telegram robots to use vampire attacks, Banana Gun captured fees of nearly $9 million a month in March 2024 and once occupied more than 30 per cent of the multi-chain network TG trading robot track. However, with the sharp increase in the number of competitors in the TG trading robot track, the shift of Meme trading on the chain from Ethereum to Solana, and platform Meme trading tools such as BullX, Photon and GMGN, Banana Gun’s market share has gradually slipped to 5 per cent and 10 per cent.
(source: https://dune.com/whale_hunter/dex-trading-bot-wars?Timeframe+in+Days_n793f0=365)
Although the market share is declining, the cake of trading volume on the chain is expanding significantly, so Banana Gun, an established TG trading robot, remains one of the most profitable applications in 2024. Banana Gun charges 0.5 per cent for manual purchases and limit orders on Ethereum and 1 per cent for Ethereum automatic snipers and other chains. Banana Gun’s annual fee income reached $57.8 million in 2024, according to DeFiLlama.
BANANA holders who enter Banana Gun through recommended links only need to hold more than 50 BANANA in their wallets to automatically accumulate 40 per cent of Banana Gun transaction costs every 4 hours, which is equivalent to allocating $23.12 million of 2024 income to holders in the form of ETH/SOL or BANANA, while choosing BANANA comes from buybacks of transaction costs in the secondary market.
In addition, users who use Banana Gun for trading will receive a small amount of BANANA as a reward for cash back through Banana Bonus transactions. Making the trader the holder and the holder the trader is the ecological cycle that Banana Gun is building for BANANA and TG Bot.
At present, most of the chain agreements in the market that are willing to share or repurchase the agreed income are mostly related to asset transactions, including spot transactions, sustainable transactions and aggregate transactions. This shows that the strong income from asset trading in the chain gives the team the motivation to do energy. Compared with the 0.02% 0.075% fee of the centralized exchange, a 1% tax on the chain can be found everywhere.
