{
 "name": "Fee Switch Watch",
 "url": "https://feeswitched.64-95-13-106.sslip.io",
 "pitch": "Which crypto protocols actually pay their token holders: fees, revenue and holder revenue side by side, plus live governance votes on fee switches, buybacks and treasuries.",
 "updatedAt": "2026-10-26T09:37:39.094Z",
 "stats": [
  {
   "label": "protocols with fees tracked",
   "value": 1523
  },
  {
   "label": "protocols paying token holders (last 30 days)",
   "value": 273
  },
  {
   "label": "holder revenue across protocols, last 30 days",
   "value": "$234.1M"
  },
  {
   "label": "share of protocol fees that reached holders, last 30 days",
   "value": "9.9%"
  },
  {
   "label": "top holder revenue earner, last 30 days",
   "value": "Hyperliquid ($63.5M)"
  },
  {
   "label": "open fee, buyback and treasury votes on Snapshot",
   "value": 4
  },
  {
   "label": "Snapshot spaces watched",
   "value": 45
  }
 ],
 "changelog": [
  {
   "date": "2026-10-26",
   "text": "ClaimRush stopped showing holder revenue: none in the last 30 days, after $50K in the 30 days before"
  },
  {
   "date": "2026-10-26",
   "text": "Lido stopped showing holder revenue: none in the last 30 days, after $2.3M in the 30 days before"
  },
  {
   "date": "2026-10-25",
   "text": "Added a changes feed: protocols that started or stopped paying holders, big moves in holder share, and every vote and milestone the site logs."
  },
  {
   "date": "2026-10-25",
   "text": "Added a votes board: open and recent Snapshot proposals on fee switches, buybacks, revenue share, tokenomics and treasuries, with live vote splits."
  },
  {
   "date": "2026-10-25",
   "text": "Added price to holder earnings: market cap divided by annualised holder revenue, wherever DefiLlama lists a market cap."
  },
  {
   "date": "2026-10-25",
   "text": "Added protocol pages: weekly fees, revenue and holder revenue history, where each fee dollar went, and DefiLlama's own description of what it counts."
  },
  {
   "date": "2026-10-25",
   "text": "Launched Fee Switch Watch: every protocol DefiLlama tracks, ranked by how much of its fees actually reach token holders through buybacks, burns and staker payouts."
  },
  {
   "date": "2026-10-25",
   "text": "Deepstate stopped showing holder revenue: none in the last 30 days, after $33K in the 30 days before"
  },
  {
   "date": "2026-10-25",
   "text": "Bankr now shows holder revenue: $191K in the last 30 days, after none in the 30 days before"
  },
  {
   "date": "2026-10-25",
   "text": "Rain stopped showing holder revenue: none in the last 30 days, after $42K in the 30 days before"
  },
  {
   "date": "2026-10-25",
   "text": "Collector Crypt now shows holder revenue: $177K in the last 30 days, after none in the 30 days before"
  },
  {
   "date": "2026-10-25",
   "text": "LayerZero stopped showing holder revenue: none in the last 30 days, after $191K in the 30 days before"
  },
  {
   "date": "2026-10-25",
   "text": "Maya Protocol now shows holder revenue: $32K in the last 30 days, after none in the 30 days before"
  },
  {
   "date": "2026-10-25",
   "text": "Hydration DEX stopped showing holder revenue: none in the last 30 days, after $15K in the 30 days before"
  },
  {
   "date": "2026-10-25",
   "text": "Lido now shows holder revenue: $2.3M in the last 30 days, after none in the 30 days before"
  },
  {
   "date": "2026-10-24",
   "text": "Beets vote closed: \"BIP-118: Treasury Funding for Beets DAO Contributors (October 2026 - March 2027)\": For won with 94% of 19 votes"
  },
  {
   "date": "2026-10-24",
   "text": "Maia DAO Ecosystem vote opened: \"Hermes Allocation in a Potential Maia Treasury Distribution\" (Treasury), closes 2026-10-31"
  },
  {
   "date": "2026-10-24",
   "text": "PancakeSwap vote closed: \"The Flip: Liquidity Should Get Paid More, The Kitchen proposes raising the LP fee share to 88%\": For won with 71% of 43 votes"
  },
  {
   "date": "2026-10-23",
   "text": "Balancer vote opened: \"[BIP-934] Burn the 10M BEETS held by the Balancer DAO on Sonic\" (Buyback and burn), closes 2026-10-27"
  },
  {
   "date": "2026-10-23",
   "text": "Balancer vote opened: \"[BIP-936] Onchain Wind-down of Protocol: Specs\" (Fee switch), closes 2026-10-27"
  },
  {
   "date": "2026-10-22",
   "text": "Arbitrum vote closed: \"Adopting USDG as a Core Strategic Initiative for the ArbitrumDAO\": For won with 95% of 1,035 votes"
  },
  {
   "date": "2026-10-22",
   "text": "Arbitrum vote closed: \"Transfer 1,700 ETH from the Treasury to the Arbitrum Developer Guild & ATMC’s ETH Treasury Strategies\": For won with 100% of 1,030 votes"
  },
  {
   "date": "2026-10-21",
   "text": "PancakeSwap vote opened: \"The Flip: Liquidity Should Get Paid More, The Kitchen proposes raising the LP fee share to 88%\" (Revenue share), closes 2026-10-24"
  },
  {
   "date": "2026-10-20",
   "text": "Beets vote opened: \"BIP-118: Treasury Funding for Beets DAO Contributors (October 2026 - March 2027)\" (Treasury), closes 2026-10-24"
  },
  {
   "date": "2026-10-19",
   "text": "Stake DAO vote opened: \"SDGP-78: Add a 4% vlSDT Revenue Share to Liquid Lockers\" (Revenue share), closes 2026-10-26"
  },
  {
   "date": "2026-10-15",
   "text": "Arbitrum vote opened: \"Adopting USDG as a Core Strategic Initiative for the ArbitrumDAO\" (Revenue share), closes 2026-10-22"
  },
  {
   "date": "2026-10-15",
   "text": "Arbitrum vote opened: \"Transfer 1,700 ETH from the Treasury to the Arbitrum Developer Guild & ATMC’s ETH Treasury Strategies\" (Treasury), closes 2026-10-22"
  },
  {
   "date": "2026-10-14",
   "text": "PikuDAO vote closed: \"Proposal 51 -  Deploy 50,000 USDC from Piku Finance Treasury to the 9Summits Piku Ecosystem USDC Vault\": For won with 99% of 21 votes"
  },
  {
   "date": "2026-10-12",
   "text": "PikuDAO vote opened: \"Proposal 51 -  Deploy 50,000 USDC from Piku Finance Treasury to the 9Summits Piku Ecosystem USDC Vault\" (Treasury), closes 2026-10-14"
  }
 ],
 "findings": [
  {
   "date": "2026-10-26",
   "text": "Hyperliquid is the top earner for token holders: $63.5M of holder revenue in the last 30 days ($772.5M a year at that rate)."
  },
  {
   "date": "2026-10-26",
   "text": "Across 1523 protocols with fees, 9.9% of the $2.36B in fees paid over the last 30 days went to token holders ($234.1M)."
  },
  {
   "date": "2026-10-26",
   "text": "Tether took $523.9M in fees over the last 30 days and DefiLlama shows no holder revenue for it."
  },
  {
   "date": "2026-10-26",
   "text": "Biggest gap among protocols that do pay holders: Pump kept $38.2M of its $68.0M 30 day revenue and passed $29.9M to holders."
  },
  {
   "date": "2026-10-26",
   "text": "Highest holder share among protocols with $1M+ monthly fees: Venice, 100.0% of its $1.0M in fees went to holders."
  },
  {
   "date": "2026-10-26",
   "text": "Lowest price to holder earnings among $100M+ tokens: StonkFun at 1.4x (market cap $102.2M, holder revenue $74.2M a year)."
  },
  {
   "date": "2026-10-26",
   "text": "Biggest rise in holder revenue: Pump, $29.9M in the last 30 days against $23.5M in the 30 days before."
  },
  {
   "date": "2026-10-26",
   "text": "4 fee, buyback or treasury votes are open on Snapshot. The busiest: \"[BIP-936] Onchain Wind-down of Protocol: Specs\" (Balancer), 26 votes, Yes, let's do it leading with 100%."
  }
 ]
}