Crypto companies made $1.2B in onchain revenue last month. Top companies with highest revenue are Tether ($619M), Circle ($198M), PancakeSwap ($69M), Hyperliquid ($60M) and Aave ($40M)
Stablecoin Issuers lead by an order of magnitude, representing over 65% of total onchain revenue among the top categories.
Trading-related categories (DEXs, Launchpads, Trading Apps, Telegram Bots, Derivatives, DEX Aggregators) collectively account for a significant share, together, these channels generate nearly $4B annualized, showing just how much speculation and liquidity provisioning still dominate crypto economics. This category is also highly influenced by trends: we’ve seen segments like Telegram bots and launchpads surge rapidly in revenue, only to lose momentum just as quickly when the narrative fades.
Wallets have emerged as a meaningful revenue line too (~$630M annualized), showing how chain growth can directly boost wallet traction, just like Phantom’s rise with Solana’s resurgence.
Lending, while smaller in absolute terms, is still one of the most consistent revenue sources onchain. With around ~$150M annualized, lending shows how steady borrowing demand and capital efficiency keep this category relevant and its growth potential remains high considering more stablecoins will move onchain and users keep looking for passive yield opportunities.
