The top 10 highest-grossing crypto protocols raked in $1.2 billion in revenue in the 30 days leading up to Aug. 28, marking a 9.3% increase from the previous month’s total of $1.1 billion, according to data from DefiLlama.
Ethena saw the biggest percentage gains with a 243% surge in revenue, skyrocketing from $9.46 million to $32.48 million, as its synthetic dollar USDe gained traction against traditional stablecoins.
The protocol’s revenue growth of $23 million was the second-largest absolute increase among the applications tracked.
Pump.fun recorded the second-highest percentage growth at 79%, with revenue jumping from $22.55 million to $40.39 million.
The Solana-based memecoin launchpad benefited from ongoing speculation in newly launched tokens, resulting in an additional $17.84 million in monthly fees.
Stablecoin dominance remains
Tether maintained its market leadership with a modest 2.9% growth, seeing revenue climb from $614.79 million to $632.91 million.
The stablecoin issuer’s $18.12 million increase was the largest absolute gain among protocols, solidifying its position as the primary revenue generator in the sector.
Circle ranked second with revenue growing by 4.5% from $197.59 million to $206.4 million, adding $8.81 million in monthly fees. Together, the two stablecoin issuers accounted for 70% of the total crypto protocol revenue during the tracking period.
Hyperliquid saw significant growth with revenue expanding by 25.9% from $82.86 million to $104.3 million. The decentralized perpetual exchange captured an additional $21.43 million as trading volumes surged across its platform.
Varying performance across sectors
Sky Protocol achieved a 77.5% increase in revenue, rising from $10.1 million to $17.93 million. Jupiter reported a 23.5% growth, with revenue climbing from $21.95 million to $27.1 million, driven by activities in the Solana ecosystem.
Tron saw moderate gains of 11.6%, with revenue increasing from $56.21 million to $62.73 million. Phantom wallet generated $22.82 million, up 9.5% from $20.84 million in the previous period.
Axiom was the only top protocol to experience negative performance, with revenue declining by 13.9% from $62.11 million to $53.46 million. The cross-chain infrastructure provider lost $8.65 million in monthly fees, standing out as the sole entity with a negative result.
Revenue growth coincides with the broader recovery in the crypto market, as protocols benefit from heightened user activity and increased fee generation across decentralized finance applications and trading platforms.
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