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Meteora's revenue is $1.25 billion, with a buyback of only $10.6 million, a return rate of 0.85%. Hyperliquid's return is 99%.
The protocol retains $1.24 billion, and the token has fallen 60% from the issuance price. DeFi transaction fees are the third highest, with a valuation only 0.1 times the sales.
Tokenomics has completely collapsed.