Ran Neuner: This Is Crypto's First Bull Market Backed by Real Protocol Revenue
- —Hyperliquid posted $194.6 million in Q3 2026 protocol revenue, including $165.2 million in perpetual trading fees
- —Pump.fun generated $91.5 million in quarterly revenue, with part allocated to token buybacks
- —Venice earned $1.98 million in Q3 2026 and used part of it to buy back VVV
- —Tracked protocols across the market brought in roughly $1.24 billion over the past 30 days
Why it matters: Investors are starting to value tokens on real revenue and usage rather than promises, which could reshape how projects are screened.
Source: Siam Blockchain