Hyperliquid, EdgeX, Pump.fun Return $96.3M as CLARITY Deadline Tightens

Three fast-growing DeFi protocols Hyperliquid, EdgeX, and Pump.fun returned a combined $96.3 million to token holders over the past 30 days, according to DeFiLlama. These distributions coincide with ongoing U.S. Senate deliberations on the Digital Asset Market CLARITY Act of 2025, which has advanced through some committees but faces a narrowing legislative window ahead of summer recesses.

DeFi Revenue Breakdown

Hyperliquid led with $50.95 million returned to holders, matching its full revenue for the period and signaling strong organic activity without incentives spending. Pump.fun distributed $22.09 million from $38.81 million in revenue, reinforcing its status as a top memecoin launch platform.

EdgeX paid out $23.26 million despite $8.26 million in reported revenue, likely drawing from reserves or other sources. Annualized over the past year, these figures project to roughly $946 million for Hyperliquid, $481 million for Pump.fun, and $236 million for EdgeX.

CLARITY Act Timeline

The CLARITY Act passed the House in July 2025 and saw Senate Agriculture Committee progress in January 2026, but Senate Banking markup remains pending as of May. Consensys counsel Bill Hughes has urged swift Senate action, citing limited weeks before recesses could delay final passage into 2027 or later amid midterm focus.

A recent HarrisX poll indicates 52% voter support for the bill, adding public pressure on lawmakers. Passage could clarify SEC-CFTC oversight for DeFi; delay risks prolonged uncertainty.

Overall Market Sentiment

These payouts underscore DeFi’s strength in a broader crypto flow story, bolstered by positive spot ETF trends earlier in 2026 and mixed Bitcoin ETF activity in recent weeks. Whether lawmakers move before August will decide if the momentum builds with clearer rules or the uncertainty continues well into the next cycle.