Altcoins News
By James Thorp
1 / 15
Phantom Leads, Based Closes In. Per CoinGecko's analysis, Phantom sits at the top with $20.
2 / 15
HIP-3, HIP-4, and the USDC Wildcard. Builder revenue isn't the only thing moving at Hyperliquid.
3 / 15
Hyperliquid's builder program is making real money. Wallets, Telegram bots, and trading apps that route user transactions through HyperCore's perpetuals exchange are pulling in…
4 / 15
The setup is pretty straightforward. Developers connect directly to the exchange, set their own fee rates above the protocol's base fee, and keep everything they collect.
5 / 15
Per CoinGecko's analysis, Phantom sits at the top with $20.63 million in cumulative revenue since the program launched — that's nearly 32% of the top 10 earners' total combined…
6 / 15
Based ranks second. It's generated $15.05 million from $44 billion in trading volume, despite running a lower builder fee of 0.025% — half of Phantom's rate.
7 / 15
MetaMask is fourth, pulling in $6.51 million. It charges the highest fee among the top builders — 0.1% — and has attracted 43,761 users across $7.
8 / 15
The fee spread across builders is wide. From MetaMask's 0.1% down to Axiom's 0.01%, the range basically shows that different builders are targeting different user types.
9 / 15
Builder revenue isn't the only thing moving at Hyperliquid. The HIP-3 permissionless perpetual markets — which include pre-IPO trading venues — have added activity and pulled in…
10 / 15
See also: Ripples OCC Bank Charter Win Puts XRPs $25 Price Bet in Focus
11 / 15
Spot HYPE ETF launches have also helped. Broader distribution, easier investor access, strong early demand — it's added up to real momentum for the token.
12 / 15
FalconX flagged the HIP-4 outcome markets launch on mainnet as another meaningful step. Prediction markets are having a moment broadly, with platforms like Kalshi and Polymarket…
13 / 15
Priority fees are coming too. The idea is that they'll boost protocol revenue and add utility to the native token — giving users more reason to hold and engage rather than just…
14 / 15
And then there's the USDC angle. FalconX's projections put potential annualized revenue from USDC's alignment — backed by Coinbase and Circle — at up to $160 million.
15 / 15
See also: Crypto Card Monthly Volume Hits $7.8 Billion, Up 230% Since 2025
The Currency Analytics
Want the full story?