Hyperliquid, EdgeX, Pump.fun return $96.3M as CLARITY nears

Three decentralized finance applications — Hyperliquid, EdgeX and Pump.fun — distributed a combined $96.3 million to token holders over the past 30 days, DeFiLlama data shows. The payouts were made while lawmakers debate the Digital Asset Market Clarity Act of 2025 and U.S. spot Bitcoin ETFs recorded a sixth straight week of net inflows.

Hyperliquid led the group with $50.95 million in revenue over the 30-day period and returned the full amount to token holders without spending on incentives. Pump.fun returned $22.09 million to holders from $38.81 million in total revenue. EdgeX distributed $23.26 million to holders despite reporting $8.26 million in protocol revenue, which indicates distributions drew on reserves or other income sources.

On an annualized basis, DeFiLlama’s figures show Hyperliquid generated $945.87 million in revenue over the past year, Pump.fun $481.15 million and EdgeX $236.42 million. Other protocols reporting distributions in the same period include Chainlink at $4.63 million, Aerodrome at $3.53 million and Uniswap at $3.29 million across 44 chains. PancakeSwap generated $3.94 million in revenue, returned $2.48 million to holders and spent $905,260 on incentives.

Bill Hughes, senior counsel and director of global regulatory matters at Consensys, warned lawmakers face a narrow window to pass the CLARITY Act before Congress breaks for summer. “The Senate has only weeks to move the bill before the August recess, after which the midterm election calendar takes over,” Hughes warned, adding that if the bill does not pass before the break the next realistic chance to enact comprehensive crypto legislation may not arrive until 2030. A recent poll by HarrisX found majority support among respondents for the CLARITY Act.

In markets, U.S. spot Bitcoin ETFs registered six consecutive weeks of net inflows totaling about $3.4 billion from the week of April 2 through the most recent Friday, according to SoSoValue data. The largest weekly inflow in that stretch was $996.38 million for the week of April 17. The most recent week recorded $622.75 million in inflows but ended with outflows of $277.50 million on Thursday and $145.65 million on Friday after strong inflows earlier in the week.

A seven-week run from June 13 to July 18, 2025, remains the longer streak, when U.S. spot Bitcoin ETFs drew about $7.57 billion. The distributions by Hyperliquid, EdgeX and Pump.fun occurred alongside the CLARITY Act timetable and the continued ETF inflows.