The latest monthly revenue data reveals a stark divide in the cryptocurrency sector, with stablecoin platforms and payment-focused networks proving resilient while most other major projects suffered significant declines. The report, covering the past 30 days, highlights that the "cash layer" of crypto remains its most profitable component.
Tether (USDT) solidified its position as the undisputed revenue leader, generating $445.7 million, a 2% increase from the previous month. This growth occurred against a backdrop of a broader market slowdown, making Tether one of the only major entities to post positive momentum.
The Tron (TRX) network, which facilitates a large volume of stablecoin transfers, secured second place with $209.5 million in revenue, despite a 7% decline. Circle, the issuer of USDC, followed closely with $208.1 million, down 6.6%. Both Tron and Circle's dominance in on-chain payments kept them firmly entrenched at the top of the rankings.
The data shows a pronounced downturn for decentralized finance (DeFi) and layer-1 blockchain networks. Hyperliquid, a leading decentralized derivatives platform, booked $89 million, a drop of over 10%. PancakeSwap (CAKE) endured one of the worst monthly slumps, with revenue collapsing nearly 49% to $26.9 million. MakerDAO's Sky ecosystem generated $34.4 million, and Ethena's (ENA) income fell sharply by 27.2% to $26.9 million.
A notable exception to the downturn was pump.fun (PUMP), which saw revenue jump 13.7% to $31.9 million, fueled by speculative meme-coin creation activity.
Layer-1 chains were hit particularly hard. Ethereum's (ETH) revenue plummeted 55.5% to just $7.9 million. Other protocols like Aave (AAVE), Aerodrome (AERO), Aethir (ATH), and Lido Finance (LDO) all recorded double-digit percentage declines, ranging from 14% to 28.8%.
The full revenue table for the past 30 days is as follows: Tether – $445.7M (+2.0%); Tron – $209.5M (-7.0%); Circle – $208.1M (-6.6%); Hyperliquid – $89.0M (-10.3%); Sky (MakerDAO) – $34.4M (-7.4%); pump.fun – $31.9M (+13.7%); Ethena – $26.9M (-27.2%); PancakeSwap – $26.9M (-48.8%); Axiom Trade – $18.4M (-15.2%); Aave – $11.9M (-16.7%); Aerodrome – $10.7M (-28.8%); Phantom – $10.5M (-17.5%); Ethereum – $7.9M (-55.5%); Aethir – $7.7M (-14.0%); Lido – $6.4M (-24.2%).
The overarching trend confirms that stablecoin infrastructure is the engine of crypto revenue, even during periods of weak market sentiment. Payment-focused chains and issuers remain the sector's most reliable profit centers, while revenue from derivatives, DeFi, and base-layer blockchains fluctuates sharply with user activity and trading appetite.
BTC
SAND
USDC
IPO
OZ