According to @MilkRoadDaily, HYPE captured 37% of all protocol revenue distributed to token holders last week, with fees sourced from Hyperliquid’s orderbook exchange activity (source: @MilkRoadDaily on X, Aug 21, 2025). According to @MilkRoadDaily, Hyperliquid is generating CEX-level trading volume and routing fees directly to HYPE stakers, supporting real-yield distributions that are sensitive to exchange volume and fee flow (source: @MilkRoadDaily on X, Aug 21, 2025). Based on the mechanism described by @MilkRoadDaily, traders should monitor Hyperliquid trading volumes, fee rates, and weekly distribution data as leading indicators for HYPE staking returns and potential token demand (source: @MilkRoadDaily on X, Aug 21, 2025).