The top 10 highest-earning crypto protocols amassed $1.2 billion in revenue over the 30 days ending Aug. 28, marking a 9.3% rise from the previous month’s total of $1.1 billion, according to DefiLlama data.
Ethena topped the percentage increases with a remarkable 243% revenue spike, surging from $9.46 million to $32.48 million, as its synthetic dollar USDe gained market share from traditional stablecoins.
This protocol’s revenue growth of $23 million was the second-largest absolute increase among the apps tracked.
Pump.fun saw the second-highest percentage growth at 79%, with revenue rising from $22.55 million to $40.39 million.
The Solana-based memecoin launchpad benefited from ongoing speculation in newly minted tokens, generating an additional $17.84 million in monthly fees.
Stablecoin dominance persists
Tether retained market leadership with a modest 2.9% growth, lifting revenue 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 status as the sector’s leading revenue generator.
Circle took the second spot with a 4.5% revenue increase from $197.59 million to $206.4 million, adding $8.81 million in monthly fees. Together, these two stablecoin issuers accounted for 70% of total crypto protocol revenue during the tracking period.
Hyperliquid saw significant growth with revenue expanding 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.
Mixed performance across sectors
Sky Protocol enjoyed a 77.5% revenue growth, climbing from $10.1 million to $17.93 million. Jupiter reported a 23.5% increase, with revenue rising from $21.95 million to $27.1 million, spurred by activity in the Solana ecosystem.
Tron experienced moderate gains of 11.6%, with revenue increasing from $56.21 million to $62.73 million. Phantom wallet generated $22.82 million, reflecting a 9.5% uptick from $20.84 million in the previous period.
Axiom was the only protocol to report a decline, with revenue dropping 13.9% from $62.11 million to $53.46 million. The cross-chain infrastructure provider lost $8.65 million in monthly fees, marking the only negative result in the group.
This revenue growth coincides with a broader recovery in the crypto market, as protocols benefit from heightened user activity and increased fee generation across decentralized finance applications and trading platforms.
