Amid a bearish market, a detailed analysis of project revenues reveals which sectors of the cryptocurrency industry are demonstrating robust economic activity and resilience. The data, covering the past 30 days, highlights intense competition among stablecoin issuers, decentralized exchanges (DEX), derivatives platforms, and blockchain networks.
The stablecoin sector stands out as particularly prominent, with Tether (USDT) leading all projects by a significant margin. The issuer generated a staggering $439.2 million in revenue, marking a 5.0% increase. Following Tether, the Tron (TRX) blockchain, widely used for stablecoin transactions, secured second place with $205.2 million in revenue (+0.1%). Another major stablecoin issuer, Circle (USDC), ranked third with $183.6 million, despite an 8.8% decline.
The list also showcases strong performers from the decentralized finance (DeFi) and derivatives spaces. Hyperliquid (HYPE), a derivatives exchange, generated $71.7 million, representing a substantial 44.7% growth. Sky (SKY), the project formerly known as MakerDAO, posted remarkable revenue of $57.1 million, surging by 72.4%.
Other notable mentions include the meme coin launchpad pump.fun (PUMP) at $29.9 million (+17.3%), Ethereum (ETH) at $21.2 million (-23.6%), and the decentralized exchange PancakeSwap (CAKE) at $20.9 million (+59.9%). The Base layer-2 network exhibited explosive growth, with revenue skyrocketing 255.7% to $10.3 million.
