Detailed Holder

Scope. The 50 DeFi protocols with the largest annualized holders revenue (revenue accruing to token holders, not LP fees) among protocols with a tracked market cap. Annualized holders revenue = trailing 30-day holders revenue x 12. The table is then sorted by value-accrual yield (annualized holders revenue / market cap). Fee growth = last 30 days of fees vs the prior 30 days. Excluded: ORE Protocol (gamified-mining). None of the 50 is categorized as a stablecoin issuer (Tether and Circle do not appear). Sky is retained (category: CDP). Chain = the protocol's largest chain by 30-day fees; (+N) = other chains with fees. Snapshot as of 2026-10-29. Source: DefiLlama.

Reading the table.

• Hyperliquid is #1 by annualized holders revenue at $762.3M, about 39% of the top-50 combined, but its yield on market cap is only 3.4%.
• Median value-accrual yield across the 50 is 4.9%. Highest: Pharaoh Exchange 934%; Hydrex 638%; THORWallet 410%. 6 protocols show yield above 100% (Pharaoh Exchange, up, Hydrex, RamsesX, Sapling, THORWallet) - these sit on very small market caps, so the yield reflects a tiny denominator.
• Fee growth is negative for 30 of the 49 protocols with a growth reading (Derive: no growth reading). Very large growth figures come off small fee bases.
• Category mix (top 4): dexs (14), derivatives (6), launchpad (5), dex-aggregator (3). Category is the protocol's largest sub-protocol by 30-day holders revenue.

Monthly trend. Top 20 of the ranked list by annualized holders revenue, January 2026 to October 2026 (October is month-to-date through 2026-10-29). Monthly values are sums of daily tracked values. A missing month or a month with no holders revenue means no tracked value, not proof of inactivity. Late starts: StonkFun (no holders revenue before 2026-08); Pons (no holders revenue before 2026-07); NEAR Protocol (no holders revenue before 2026-02). Interior gaps: Aster (2026-03, 2026-04, 2026-05).