A new set of 30-day revenue figures is painting a clear picture of where the real money is being made in crypto — and where activity is fading fast.
- Tether and other stablecoin platforms led monthly crypto revenues.
- Most major networks recorded sharp revenue declines.
- Tron, Hyperliquid, and pump.fun remained category standouts.
Stablecoin issuers once again tower over the rest of the market, even as overall earnings declined across most major networks.
A Market Led by Cash-Like Assets
The latest dataset shows that the “cash layer” of crypto remains its most profitable component.
Tether sits miles ahead of every other project, pulling in $445.7 million over the past month. It was one of the only entities to post growth, edging 2% higher despite the broader slowdown.
The network powering most stablecoin transfers — Tron — secured the second position with $209.5 million, followed closely by Circle, which logged $208.1 million.
Both firms saw modest declines, but their dominance in onchain payments left them firmly entrenched at the top.
Heavy Hitters Take a Step Back
Lower trading enthusiasm hit several high-volume projects hard. Hyperliquid, a standout in decentralized derivatives, booked $89 million, down more than 10%. The protocol still vastly outperformed most DeFi competitors, though others struggled more noticeably.
PancakeSwap endured one of the worst monthly slumps, with revenue collapsing nearly 49% to $26.9 million.
MakerDAO’s Sky ecosystem generated $34.4 million, while Ethena’s income fell sharply to $26.9 million following a 27% slide.
One of the rare bright spots was pump.fun, which bucked the trend with $31.9 million — a 13.7% monthly jump fuelled by speculative meme-coin creation.
Layer-1 Chains Feel the Slowdown
Base-layer networks were hit even harder than DeFi platforms. Activity on Ethereum dropped sharply, dragging revenue down 55.5% to just $7.9 million.
Other chains saw similar double-digit drops: Aethir, Phantom, and Lido all recorded sizeable declines as network usage softened.
Full Revenue Table (Past 30 Days)
• 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 Big Picture
The rankings make one trend unmissable: stablecoin infrastructure is still the engine of crypto revenue, even when market sentiment weakens.
Payment-focused chains like Tron and issuers like Tether and Circle remain the sector’s most reliable profit centers, while derivatives and DeFi fluctuate with trader appetite.
As for layer-1 blockchains, the month’s data suggests that network fees — once the backbone of revenue — now weaken quickly when user activity slips.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.