HydrationHDX

Hydration generated $3.2M in gross revenue from Apr 2024 to Sep 2026 (863 days), with $1.6M retained as net revenue. $1.1M accrued to HDX token holders. Its primary token utilities include Staking Rewards, Vote Escrow, and Delegated.

This averages $$3.7K 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 or redistributes HDX tokens via Direct Token Burn, Buyback & Redistribute, Buyback & Hold. In 2026, approximately $176.5K worth of value was returned to token holders through these mechanisms.

Yearly token holder distributions:

• 2026: $176.5K
• 2025: $616.2K
• 2024: $289.6K

HDX serves 3 primary functions within the Hydration ecosystem: Staking Rewards, Vote Escrow, and Delegated. The protocol generates fees from user activity, with a portion distributed back to HDX holders. 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 $519.5K in gross revenue. Of that, $176.5K was distributed to token holders, $88.3K was retained as protocol revenue (treasury), $254.7K went to supply-side participants (e.g. liquidity providers).

Year-by-year revenue breakdown:

• 2026: $519.5K gross revenue — $176.5K to holders, $88.3K to protocol, $254.7K to supply-side
• 2025: $1.8M gross revenue — $616.2K to holders, $308.1K to protocol, $883.9K to supply-side
• 2024: $835.4K gross revenue — $289.6K to holders, $144.8K to protocol, $401.0K to supply-side

Hydration's gross revenue has decreased by 25.6% over the past 90 days compared to the prior 90-day period, from $148.3K to $110.4K.

• Recent 90d daily average: $1.3K/day
• Prior 90d daily average: $1.6K/day