Excluding Tether and Circle (issuers of USDT & USDC), the two-stand out performers YTD are Hyperliquid and Pumpfun, generating $429M and $322M in revenue respectively. Notably, both of these projects conducted aggresive token buyback programs, which has likely proven to benefit the token's price greatly. We also see Axiom Pro and GMGN in ranks #3 and #5 respectively, which are trading terminals rather than conventional on-chain DeFi projects. Another interesting finding is #15, the only DEX
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