Mainstream Perp DEX Protocol Revenue Surge: Hyperliquid Leads with $4.24M in 24-hour Revenue

By: theblockbeats.news|2025/11/21 23:45:59

BlockBeats News, November 21st, according to Defilama data, today's market saw significant volatility, with mainstream Perp DEX trading volume continuing to rise, leading to an increase in protocol revenue. Hyperliquid's 24-hour protocol revenue of $4.24 million ranked first, followed closely by Aster and EdgeX. The top-ranking Perp DEX protocols by protocol revenue are as follows:

Hyperliquid's 24-hour protocol revenue is $4.24 million, a 13.3% increase from the previous day, with a total protocol revenue of $23.76 million in the past 7 days and an annualized protocol revenue of $11.88 billion;

Aster's 24-hour protocol revenue is $3.17 million, a 30% increase from the previous day, with a total protocol revenue of $13.98 million in the past 7 days and an annualized protocol revenue of $6.95 billion;

EdgeX's 24-hour protocol revenue is $1.98 million, a 5% increase from the previous day, with a total protocol revenue of $7.28 million in the past 7 days and an annualized protocol revenue of $5.92 billion;

Lighter's 24-hour protocol revenue is $1.20 million, a 9% increase from the previous day, with a total protocol revenue of $7.28 million in the past 7 days and an annualized protocol revenue of $3.128 billion;

ApeX's 24-hour protocol revenue is $11.2 thousand, a 7.7% increase from the previous day, with a total protocol revenue of $65.3 thousand in the past 7 days and an annualized protocol revenue of $48.5 million.

-- Price

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BeatSwap is evolving towards a full-stack Web3 infrastructure, covering the entire lifecycle of IP rights.

The core product "Space" is scheduled to launch in Q2 2026, driven by SocialFi

BeatSwap, a global Web3 Intellectual Property (IP) infrastructure project, is attempting to overcome the current fragmentation limitations of the Web3 ecosystem, building a full-stack system that covers the entire lifecycle of IP rights.

Currently, most Web3 projects are still in the stage of functional fragmentation, often focusing only on a single aspect, such as IP asset tokenization, transaction functionality, or a simple incentive model. This structural dispersion has become a key bottleneck hindering the industry's scale application.

BeatSwap's approach is more integrated, integrating multiple core modules into the same system, including:

· IP authentication and on-chain registration

· Authorization-based revenue sharing mechanism

· User-engagement-driven incentive system

· Transaction and liquidity infrastructure

Through the above integration, the platform builds an end-to-end closed-loop path, allowing IP rights to complete a full cycle of "creation, use, and monetization" within the same ecosystem.

Expanding from Web3 to a broader market: Restructuring the music industry's supply-demand structure

BeatSwap is not limited to existing crypto users but is attempting to take the global music industry as a starting point, actively creating new market demand. Its core strategies include:

Exploring and incubating music creators (Artist discovery)

Building a fan community

Igniting IP-centric content consumption demand

The current global music industry is valued at around $260 billion, with over 2 billion digital music users. This means that the potential market corresponding to the tokenization and financialization of IP far exceeds the traditional crypto user base.

In this context, BeatSwap positions itself at the intersection of "real-world content demand" and "on-chain infrastructure," attempting to bridge the structural gap between content production and financial flow.

"Space" to Launch in Q2 2026: Building the Core of SocialFi

BeatSwap's upcoming core product "Space" is scheduled to launch in the second quarter of 2026. This product is defined as the SocialFi layer in the ecosystem, aiming to directly connect creators with users and achieve deep integration with other platform modules.

Key designs include:

A fan-centric interactive mechanism

Exposure and distribution logic based on $BTX staking

User paths connected to DeFi and liquidity structures

Thus, a complete user behavior loop is formed within the platform: Discovery → Participation → Consumption → Rewards → Trading

$BTX Token Mechanism: Evolving from an Incentive Tool to a Value Carrier

$BTX is designed to be a core utility asset within the ecosystem, rather than just a simple incentive token, with its value directly tied to platform activity and IP use cases.

Main features include:

· Yield distribution based on on-chain authorized actions

· Value reflection based on IP usage and user engagement dynamics

· Support for staking and DeFi participation mechanisms

· Value growth driven by ecosystem expansion

With the increased frequency of IP use, the utility and value support of $BTX will enhance simultaneously, helping alleviate the "disconnect between value and utility" issue present in traditional Web3 token models to some extent.

Accelerating Global Exchange Layout: Enhancing Liquidity and Accessibility

Currently, $BTX has been listed on several mainstream exchanges, including:

Binance Alpha

Gate

MEXC

OKX Boost

As the launch of "Space" approaches, BeatSwap is actively pursuing more exchange listings to further enhance liquidity and global accessibility, laying a foundation for future market expansion.

Beyond Web3: Aiming for a Larger-Scale Integration of Content and Finance Markets

BeatSwap's goal is no longer limited to the traditional Web3 narrative but aims to target over 2 billion digital music users and a trillion KRW-scale content market.

By integrating content creators, users, capital, and liquidity into a blockchain framework centered around IP rights, BeatSwap is striving to build a next-generation infrastructure focused on "IP tokenization."

Conclusion

BeatSwap integrates IP authentication, authorization distribution, incentive mechanism, transaction system, and market construction to establish a unified structure that bridges the full lifecycle path of IP rights.

With the launch of the Q2 2026 "Space," the project is expected to become a key infrastructure connecting content and finance in the IP-RWA (Real World Assets) track.

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