Hyperliquid has generated a revenue of $96 million since the beginning of the year, making it the 9th most profitable encryption project in 2024.

Wu learned that, according to Yunt Capital steven’s research, Hyperliquid’s platform revenue includes Spot listing auction fees, HLP MM PnL, and platform fees. Among them, platform fees will be transferred to HLP Vault and USDC Assistance Fund (profit and loss will be calculated through the corresponding Wallet). Since this year, the revenue of HLP MM Vault has been about $44 million, including $40 million from HLP, -$2 million from HLP Strategy A, $2 million from HLP Strategy B, and $4 million from liquidation. When HYPE was launched, the team used the Assistance Fund Wallet to purchase HYPE in the market. According to the USDC Assistance Fund Address: 0x36…e963, assuming that the Wallet PnL is the remaining part of the platform fees that HLP did not receive, the profit and loss of the USDC Assistance Fund from the beginning of the year to the present is $52 million. Therefore, since the beginning of the year, Hyperliquid’s total revenue has reached $96 million, surpassing Lido, ranking as the 9th most profitable encryption project in 2024.