POPA ReconTop 10 Protocols by Revenue for Summer
Top 10 Protocols by Revenue for Summer Roughly $2.61B in protocol revenue across the summer, and two stablecoin issuers took 79% of it: Tether - $1.48B Circle - $590M Hyperliquid - $149.9M Pump.Fun - $118M Polymarket - $58.1M GMGN - $50M Grayscale - $45.6M Axiom - $45.2M Sky - $41M Collector Crypt - $38M Tether and Circle don't compete for users or ship features - they hold treasuries and collect yield on other people's dollars. Hyperliquid is the best-performing DEX in crypto and still earns a tenth of what Tether does sitting still. Below the stablecoins it's mostly speculation infrastru…
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