The cryptocurrency sector continues to demonstrate robust growth, with the top ten crypto protocols collectively generating an impressive $1.2 billion in revenue in the 30 days leading up to August 28, 2025. This figure marks a notable 9.3% increase from the previous month, where revenue stood at $1.1 billion, according to data from DefiLlama.
Among these protocols, Ethena emerged as the standout performer, achieving a remarkable 243% revenue surge. Its revenue skyrocketed from $9.46 million to $32.48 million, largely due to its synthetic dollar, USDe, which has been gaining traction against traditional stablecoins. Ethena’s revenue growth of $23 million represents the second-largest absolute increase among tracked applications.
Pump.fun, a Solana-based memecoin launchpad, followed closely behind with an impressive 79% growth. Its revenue jumped from $22.55 million to $40.39 million, fueled by ongoing speculation surrounding newly created tokens, contributing an additional $17.84 million in monthly fees.
Despite a modest 2.9% growth, Tether maintained its position as the market leader. Its revenue increased from $614.79 million to $632.91 million, with an absolute gain of $18.12 million, solidifying its role as the primary revenue generator in the sector. Similarly, Circle reported a 4.5% increase in revenue, rising from $197.59 million to $206.4 million, adding $8.81 million in monthly fees. Combined, these two stablecoin issuers accounted for a substantial 70% of total crypto protocol revenue during this tracking period.
Additionally, Hyperliquid experienced significant growth, recording a 25.9% increase in revenue, which expanded from $82.86 million to $104.3 million, benefiting from higher trading volumes on its platform. The Sky Protocol achieved 77.5% revenue growth, climbing from $10.1 million to $17.93 million, while Jupiter reported a 23.5% growth, with revenue moving from $21.95 million to $27.1 million, thanks to activity within the Solana ecosystem.
On the other hand, Tron recorded moderate gains of 11.6%, increasing its revenue from $56.21 million to $62.73 million. The Phantom wallet generated $22.82 million, marking a 9.5% increase from $20.84 million in the prior period. However, Axiom was the only protocol to report a decline, with revenue decreasing by 13.9% from $62.11 million to $53.46 million.
This revenue growth aligns with a broader recovery in the cryptocurrency market, as protocols benefit from heightened user activity and increased fee generation across decentralized finance (DeFi) applications and trading platforms.
As the crypto landscape continues to evolve, keeping abreast of these developments is crucial for investors and enthusiasts alike. Comprehensive insights and updates are essential to navigating this dynamic environment.
Disclaimer: The opinions expressed in this article do not reflect the views of CryptoSlate. Readers should conduct their own research prior to making any financial decisions.
