Haciyev Reşit 
During a period of sharply rising volatility in the crypto market, the latest list of ecosystem projects generating the highest revenue has been released. Despite more than $500 billion being wiped from the market in the past month, some projects have managed to maintain and even increase their revenue. The new data highlights that stablecoin issuers, high-volume blockchains, and decentralized trading platforms are outperforming most other projects in terms of revenue generation.
Stablecoin Giants Hold Their Lead
The top two positions are occupied by Tether (USDT) and Circle (USDC), clearly demonstrating their dominance in the stablecoin ecosystem through revenue as well. Both companies continue to generate strong income despite the broader market decline. Notably, USDT’s ability to continue producing positive monthly revenue reflects the intensity of stablecoin usage and the increased demand for dollars during periods of market stress.
Projects such as HYPE (Hyperliquid), pump.fun, and Ethena (ENA) ranked among the highest-earning protocols of the past 30 days thanks to their next-generation trading, liquidity, and derivative solutions. However, an important detail stands out: although these platforms generated significant revenue, most experienced substantial declines compared to the previous month. In particular, the over 50% drops in Ethena and PancakeSwap clearly illustrate the scale of volatility within the DeFi sector.
Top 15 Revenue-Generating Projects of the Last 30 Days
- Tether (USDT) – $440.3M (+0.8%)
- Circle (USDC) – $216.8M (–1.3%)
- Tron (TRX) – $214.9M (–9.1%)
- Hyperliquid (HYPE) – $88.1M (–19.2%)
- pump.fun (PUMP) – $32.3M (+1.8%)
- Ethena (ENA) – $30.3M (–50.3%)
- PancakeSwap (CAKE) – $30.0M (–53.3%)
- Axiom Trade – $22.0M (–15.5%)
- Aave (AAVE) – $12.7M (–19.0%)
- Aerodrome (AERO) – $12.6M (–35.1%)
- Phantom – $11.7M (–16.2%)
- Aethir (ATH) – $8.5M (–17.0%)
- Base – $8.1M (+4.1%)
- Ethereum (ETH) – $8.0M (–65.7%)
- Lido Finance (LDO) – $7.2M (–18.0%)
Ethereum’s Decline Hits Record Levels
The most striking figure on the list is Ethereum’s massive revenue drop. A decline of more than 65% month-over-month signals weakening transaction activity on the network and notable pressure on DeFi usage.
By contrast, the Base network’s increase in revenue shows that user migration within the Layer-2 ecosystem is accelerating. Base — supported by Coinbase — has seen higher developer interest and user flow during this period, helping reduce congestion on Ethereum.
Overall Assessment
The data shows that even during market downturns, high-volume and strongly utilized projects continue to generate consistent revenue. The dominance of stablecoin issuers at the top highlights the rising demand for the U.S. dollar during periods of uncertainty. Meanwhile, the high activity on chains like Hyperliquid demonstrates that users are still actively trading.
However, the fact that revenue has declined sharply across most protocols reveals that volatility affects not only prices but also the underlying economics of blockchain networks.
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