Haciyev Reşit 
Despite ongoing negative price movements in the cryptocurrency market, some projects continue to generate strong revenue. According to data from the past 30 days, the highest revenue-generating altcoin projects have been revealed. The figures show that despite the broader market downturn, stablecoin issuers, DeFi platforms, and derivatives exchanges continue to produce strong economic activity. Stablecoin providers and the blockchain networks heavily used for stablecoin transactions have particularly stood out with steady revenue streams—even during bearish conditions. Experts say this trend highlights the growing importance of crypto projects that generate real usage and sustainable cash flow within the ecosystem.
Stablecoin Giants Lead the List
Tether ranked first with $494.14 million in revenue over the last 30 days. As the leader of the stablecoin market, Tether continues to dominate revenue generation thanks to its reserve structure and high global usage. It was followed by Circle, which generated $188.25 million in revenue. However, Circle experienced an 8.8% decline in revenue compared to the previous period. A significant portion of stablecoin transactions takes place on the TRON network, which has been one of the key contributors to its strong revenue positioning within the ecosystem.
Beyond stablecoins, derivatives and DeFi platforms also recorded notable revenue growth. Hyperliquid (HYPE), a derivatives exchange, generated $68.85 million in revenue in the last 30 days, marking an impressive 44.7% growth. Sky (formerly MakerDAO) recorded one of the fastest growth rates on the list, increasing revenue by 72.4% to reach $18.33 million. Meanwhile, DeFi protocols such as PancakeSwap (CAKE), Aave (AAVE), and GMGN also posted double-digit growth rates. This data suggests that DeFi usage and on-chain financial activity remain resilient even in a bear market environment.
Top Revenue-Generating Crypto Projects (Last 30 Days)
The projects generating the highest revenue over the past month are as follows:
- Tether — $494.14 million
- Circle — $188.25 million
- Hyperliquid — $68.85 million
- fun — $44.17 million
- Flashbots — $23.93 million
- edgeX — $23.49 million
- Grayscale — $21.42 million
- Sky — $18.33 million
- Jupiter — $16.6 million
- Phantom — $15.14 million
- Axiom Pro — $13.53 million
- GMGN — $10.91 million
- Lighter — $6.91 million
- KGeN — $2.48 million
- LayerZero — $378,979
Evaluation
Although crypto asset prices remain under pressure, the strong revenue performance of certain projects demonstrates that the industry’s core use cases remain intact. Stablecoin issuers, DeFi platforms, and derivatives exchanges continue to generate substantial revenue even during bearish conditions, reinforcing their role as foundational pillars of the crypto economy. In particular, the high growth rates observed in Hyperliquid and Sky indicate that on-chain economic activity remains vibrant. This suggests that, despite price weakness, new opportunities continue to emerge within the crypto sector.
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