Top cryptocurrency protocols achieve $1.2 billion in revenue following a 9.3% increase in monthly growth.

The top 10 revenue-generating crypto protocols amassed $1.2 billion in earnings over the 30 days concluding on Aug. 28, marking a 9.3% rise from the prior month’s total of $1.1 billion, according to data from DefiLlama.

Ethena topped the percentage increases with a remarkable 243% revenue growth, soaring from $9.46 million to $32.48 million, as its synthetic dollar USDe gained traction against conventional stablecoins.

The protocol’s revenue growth of $23 million was the second-largest absolute increase among the monitored applications.

Pump.fun achieved the second-highest percentage increase at 79%, with revenue rising from $22.55 million to $40.39 million.

The Solana-based memecoin launchpad profited from ongoing speculation in newly launched tokens, generating an extra $17.84 million in monthly fees.

Stablecoin dominance continues

Tether retained its market leadership despite a modest 2.9% growth, with revenue increasing from $614.79 million to $632.91 million.

The stablecoin issuer’s $18.12 million rise was the largest absolute gain among protocols, solidifying its status as the leading revenue generator in the sector.

Circle came in second, with revenue growing 4.5% from $197.59 million to $206.4 million, adding $8.81 million in monthly fees. Together, these two stablecoin issuers represented 70% of the total crypto protocol revenue during the tracking period.

Hyperliquid experienced significant growth, with revenue expanding 25.9% from $82.86 million to $104.3 million. The decentralized perpetual exchange captured an additional $21.43 million as trading volumes rose across its platform.

Mixed performance across sectors

Sky Protocol achieved a revenue increase of 77.5%, rising from $10.1 million to $17.93 million. Jupiter reported a 23.5% growth, with revenue climbing from $21.95 million to $27.1 million, fueled by activity within the Solana ecosystem.

Tron saw moderate gains of 11.6%, with revenue increasing from $56.21 million to $62.73 million. Phantom wallet generated $22.82 million, up 9.5% from $20.84 million in the previous period.

Axiom was the only protocol to report a decline, with revenue dropping 13.9% from $62.11 million to $53.46 million. The cross-chain infrastructure provider lost $8.65 million in monthly fees, making it the only entity in the group with a negative outcome.

Revenue growth coincides with the broader recovery of the crypto market, with protocols benefiting from heightened user engagement and increased fee generation across decentralized finance applications and trading platforms.

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