Crypto exchanges handled $3.16 trillion in trading tied to stocks, gold, oil and other traditional markets over the period tracked by research cited in a new Firehustle video episode.
The channel’s host, discussing crypto investment themes, argues that the important question is not how much trading these platforms attract, but whether that activity actually benefits HYPE, ONDO and INJ holders.
The figures, attributed to CoinMarketCap research covering 19 exchanges, describe trading exposure to traditional markets, not necessarily purchases of underlying shares. According to Fire Hustle, monthly volume climbed from roughly $100 billion in January to $800 billion in August, with stocks accounting for 62.3% of activity.
Hyperliquid already has a route from fees to HYPE
The expert identifies Hyperliquid as the closest to strengthening that connection. Trade.XYZ, which operates most of the platform’s traditional-market contracts, reportedly splits trading fees equally with Hyperliquid, whose share largely supports HYPE buybacks.
There is a catch: Trade.XYZ is operating with trading fees discounted by more than 90% to attract users. The YouTube video says those discounts are expected to shrink as markets mature, potentially increasing buyback funding, although higher fees could also change trading behavior.
ONDO presents a different problem. Fire Hustle says Ondo Finance surpassed $4 billion in total value locked, including more than $1.3 billion in tokenized stocks and ETFs, while ONDO holders currently receive no direct fee distributions, buybacks or burns.
A holder-led forum proposal would direct 20% of revenue toward token buybacks and burns, eventually rising to 40%. The host stresses that it is not an approved policy and says the team had not responded.
Crucially, the $4 billion figure represents assets deposited, not revenue available to distribute.
Injective’s mortgage plans still need to produce activity
Injective already links application revenue to INJ buybacks and burns, according to the video. But its scale remains modest: the host cites roughly $215 million in traditional-market trading over 30 days and a largest buyback round of about $315,000.
The potential catalyst is Pineapple Prime, a planned mortgage-yield product.
More than $1 billion in mortgage records reportedly moved onto Injective, but the host makes an important distinction: those records are data, not yet money flowing through a live investment product.
In conclusion, these are three way different bets: higher fee capture, an unapproved governance change and a product launch.
None makes trading growth equivalent to token returns, especially when discounted fees, limited activity and concentrated infrastructure can interrupt the connection.
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