According to the on-chain perpetual contract market research report released by Castle Labs, Hyperliquid's cumulative protocol revenue has exceeded $1.4 billion, with over $1.26 billion used for public market buybacks of HYPE. Based on open interest, it holds more than 56% of the on-chain perpetual contract market share. The report highlights that Hyperliquid leverages the Builder Codes mechanism to open its trading infrastructure to third-party wallets and applications, allowing them to integrate without developing their own perpetual contract trading systems and earn revenue. Among them, Phantom has accumulated over $25 million in revenue, while MetaMask has surpassed $10.5 million. https://(wublock123.com)/news/castle-labs-report-hyperliquid-protocol-revenue-1-4b-on-chain-perps-56-69840