Hydration

Hydration generated $2.9M in gross revenue from Apr 2024 to Apr 2026 (715 days), with $252.5K retained as net revenue. Its primary token utilities include Staking Rewards, Vote Escrow, and Delegated.

This averages $$4.1K in daily gross revenue across the tracked period.

HDX accrues value through 4 mechanisms: Direct Token Burn, Buyback & Redistribute, Direct Revenue Share, and Buyback & Hold.

• Direct Token Burn: Protocol fees (0.05%–0.10% in LRNA) on every Omnipool trade are partially burned, and the docs state 'In some cases, fees in HDX may be even burned,' representing a continuous burn tied to trading volume.
• Buyback & Redistribute: The Treasury accumulated ~102M HDX through protocol buybacks since early 2025; governance approved distributing 51.1M HDX (50% of buybacks) to the staking rewards pot over six months.
• Direct Revenue Share: 50% of Omnipool asset fees (0.25%–5.00%) on non-referred trades are distributed to HDX stakers, and LP fees from the protocol-owned HDX Omnipool position continuously flow to the staking rewards pot.
• Buyback & Hold: The Treasury accumulated ~102M HDX from buybacks since early 2025; after distributing 50% to staking, the remaining ~51M HDX is retained as protocol-owned assets on the balance sheet.

Yes, Hydration burns HDX tokens via Direct Token Burn, Buyback & Redistribute, Buyback & Hold.

HDX serves 3 primary functions within the Hydration ecosystem: Staking Rewards, Vote Escrow, and Delegated. The protocol generates fees from user activity. Value flows back to token holders through Direct Token Burn, Buyback & Redistribute, Direct Revenue Share, and Buyback & Hold.

Token utilities:

• Staking Rewards: HDX holders stake tokens to receive rewards from a dedicated pot funded by LP fees from the protocol's Omnipool position, a share of Omnipool asset fees, and treasury subsidies (~22M HDX/year), with vesting accelerated by governance participation.
• Vote Escrow: HDX holders use conviction voting where choosing a longer lockup period (up to 192 days at 6x conviction) multiplies voting power, directly matching the 'longer lock = more weight' model.
• Delegated: Hydration's OpenGov system supports vote delegation, allowing token holders to assign their voting power to representatives without transferring tokens.

Value accrual mechanisms:

• Direct Token Burn: Protocol fees (0.05%–0.10% in LRNA) on every Omnipool trade are partially burned, and the docs state 'In some cases, fees in HDX may be even burned,' representing a continuous burn tied to trading volume.
• Buyback & Redistribute: The Treasury accumulated ~102M HDX through protocol buybacks since early 2025; governance approved distributing 51.1M HDX (50% of buybacks) to the staking rewards pot over six months.
• Direct Revenue Share: 50% of Omnipool asset fees (0.25%–5.00%) on non-referred trades are distributed to HDX stakers, and LP fees from the protocol-owned HDX Omnipool position continuously flow to the staking rewards pot.
• Buyback & Hold: The Treasury accumulated ~102M HDX from buybacks since early 2025; after distributing 50% to staking, the remaining ~51M HDX is retained as protocol-owned assets on the balance sheet.

In 2026, Hydration generated $302.6K in gross revenue. Of that, $26.0K was retained as protocol revenue (treasury), $276.6K went to supply-side participants (e.g. liquidity providers).

Year-by-year revenue breakdown:

• 2026: $302.6K gross revenue — $26.0K to protocol, $276.6K to supply-side
• 2025: $1.8M gross revenue — $154.0K to protocol, $1.7M to supply-side
• 2024: $835.4K gross revenue — $72.4K to protocol, $763.0K to supply-side

Hydration's gross revenue has decreased by 52.1% over the past 90 days compared to the prior 90-day period, from $514.0K to $246.3K.

• Recent 90d daily average: $2.8K/day
• Prior 90d daily average: $5.7K/day