POPA ReconTop 10 Protocols by Revenue in Q2
Top 10 Protocols by Revenue in Q2 Protocol revenue is the clearest signal of what's actually making money in crypto, and Q2 lays out the hierarchy in full. These are the ten biggest earners of the quarter, ranked by revenue: • Tether - $1.48B • Circle - $593M • Hyperliquid - $149M • Pump Fun - $91.6M • Polymarket - $69.4M • Grayscale - $53.3M • Sky - $42.6M • WLFi - $34.4M • Collector Crypt - $32.4M • Paxos - $30.8M Stablecoins run the table: Tether and Circle alone pulled in ~$2.07B - over 85% of the top 10, with Tether out-earning the other nine combined. Everyone else is playing for wh…
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