Top 10 crypto protocols generated 1.2 billion USD in revenue in 30 days

According to data from DefiLlama, the top 10 crypto protocols generated $1.2 billion in revenue over the 30 days leading up to August 28, an increase of 9.3% compared to the $1.1 billion from the previous month.

Ethena leads in growth rate with an increase of 243%, with revenue jumping from 9.46 million USD to 32.48 million USD thanks to the synthetic stablecoin USDe capturing market share from traditional stablecoins.

Pump.fun ranked second in growth rate, increasing by 79% from 22.55 million USD to 40.39 million USD, benefiting from the memecoin speculation wave on Solana.

Meanwhile, Tether continues to maintain its dominant position with a slight revenue increase of 2.9% to 632.91 million USD, but the absolute increase of 18.12 million USD is still the highest in the group. Circle comes in second, up 4.5% to 206.4 million USD. These two stablecoin issuers account for 70% of the total market revenue.

Hyperliquid recorded an increase of 25.9%, reaching 104.3 million USD, while Sky Protocol (+77.5%) and Jupiter (+23.5%) also showed a surge from the Solana ecosystem. Tron (+11.6%) and Phantom wallet (+9.5%) maintained steady growth.

In contrast, Axiom is the only protocol that recorded a negative result, decreasing by 13.9% to 53.46 million USD, losing 8.65 million USD in revenue during the period.

This growth occurs alongside the overall recovery of the crypto market, as user activity and transaction fees on DeFi platforms and decentralized exchanges both increase.

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