Posteo

Perp DEXs arguably have one of the strongest token value-capture models in crypto. After reviewing the Q2 data for four leading Perp DEX protocols, one thing stands out: each has built a mechanism that returns a significant share of protocol revenue to token holders. Hyperliquid: 100% Lighter: ~97.8% ApeX: ~100% edgeX: ~207%* (due to differences in quarterly accounting) Could the rest of the industry learn from this? This approach is far more tangible than relying on governance rights, future airdrop speculation, or broad narratives to justify token value. (It also reminds me of a protocol that was recently exploited partly because almost no one participated in on-chain governance.) That said, the percentage alone doesn't tell the full story. A protocol can return 100% of its profits to token holders, but if quarterly profits are only a few hundred thousand dollars, the actual impact on token value remains limited. Distribution determines how value is shared. Scale determines how much value exists to share. In the end, both matter. A high payout ratio is powerful only when it's backed by meaningful and growing protocol revenue. #FedRateDecision #BigTechEarningsNight