Over 231 DeFi protocols now share revenue with token holders, up from roughly 10 in 2021. The top 12 protocols spent nearly 800 million dollars on buybacks and other revenue-sharing mechanisms in July 2026, representing a 400%-plus increase since early 2024. Hyperliquid stands out by routing approximately 99% of its trading fees into HYPE buybacks, with cumulative repurchases exceeding 2 billion dollars. Keyrock analysts have warned about mismanagement of these programs, as protocols tend to overspend at market peaks when buybacks are least efficient. Total monthly DeFi revenue has recovered to readings near 600 million dollars, coinciding with a 38% climb in the DeFi token index in late August 2026.
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