Dami-Defi

What coin are you not selling until 2028?

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$XDC can now be used for card top-ups and payouts through Scallop.

That gives the payments story something concrete.

Could payments become the reason more people pay attention to $XDC?

Hyperliquid earns 13x Aave’s revenue on just 2.2x the fees.

Both make millions a month, but which token has the stronger setup?

$HYPE vs $AAVE

Head to Head Series: DeFi Infrastructure Edition

$HYPE:

The on-chain trading machine.

→ Price: ~$71.73
→ Market cap: ~$17.17B
→ 24h volume: ~$1.08B
→ FDV: ~$68.25B
→ Circulating supply: ~239.4M / 1B
→ TVL: ~$7.74B
→ 30D fees: ~$88.23M
→ 30D protocol revenue: ~$69.00M

Hyperliquid has become the main venue for on-chain derivatives.

As of November 9, it held 56% of all open interest across decentralized perp exchanges, about $7.04B.

Most of what it earns goes back to the token. The Assistance Fund uses 97–99% of trading fees to buy HYPE off the market.

Flip side: Only about 24% of HYPE’s supply is circulating. On a fully diluted basis it’s valued at $68B, and its revenue yield drops to 1.2%.

$AAVE:

The established leader in decentralized lending.

→ Price: ~$122.93
→ Market cap: ~$1.90B
→ 24h volume: ~$197M
→ FDV: ~$1.97B
→ Circulating supply: ~15.44M / 16M
→ TVL: ~$16.18B
→ 30D fees: ~$39.55M
→ 30D protocol revenue: ~$5.23M

Aave is still the biggest lending protocol in DeFi, live on 23 networks.

V4 is opening new markets. Its Base market now holds $15.2M in deposits across seven tokenized US stocks, used only as collateral and open only to eligible users outside the US.

About 96.5% of AAVE’s 16M max supply is already circulating, so there’s little dilution left.

Flip side: Aave has twice Hyperliquid’s TVL but keeps only 13% of its fees as revenue. It brings in about $5M a month against HYPE’s $69M.

My take:

$HYPE has the stronger revenue engine and a fee-funded buyback that runs every day.

$AAVE has the more established business, deeper TVL and almost no dilution ahead.

HYPE’s market cap is about 9x AAVE’s, but it still earns more per dollar of market cap: 4.9% annual revenue yield vs 3.3%. The catch is the 76% of HYPE supply that isn’t circulating yet.

Trading growth and value capture: $HYPE. Lending scale and a tight supply: $AAVE.

Which one has the stronger long-term setup?

𝘋𝘢𝘵𝘢: 𝘊𝘰𝘪𝘯𝘎𝘦𝘤𝘬𝘰, 𝘋𝘦𝘧𝘪𝘓𝘭𝘢𝘮𝘢, 𝘊𝘢𝘴𝘵𝘭𝘦 𝘓𝘢𝘣𝘴, 𝘈𝘢𝘷𝘦

Ethereum still leads L1 DeFi by a wide margin.

Here are the top 10 L1 blockchains by the number of DeFi protocols tracked on DefiLlama:

Ethereum: 2,132
BNB Chain: 1,267
Solana: 726
Avalanche: 680
Hyperliquid L1: 597
Monad: 256
Sonic: 251
Berachain: 186
Cronos: 180
Sui: 162

Ethereum has almost 3x Solana’s protocol count, and more than BNB Chain and Solana combined.

But app count isn’t the same as money. Hyperliquid has fewer protocols than Avalanche and nearly 4x its TVL.

Newer chains like Monad are already in the top 10. Arc and Gnosis sit just outside, at 147 and 146.

Which L1 do you think climbs this list next?

𝘋𝘢𝘵𝘢: 𝘋𝘦𝘧𝘪𝘓𝘭𝘢𝘮𝘢