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​​Top Protocols by Monthly Earnings

Tether dominates monthly earnings at $492M, followed by Circle at $194M and Hyperliquid at $60.6M.

Efficiency tells a different story, with Limitless topping the set at 1.74x while the biggest earners trade far higher at 67.7x and 84.1x. Pump and Collector Crypt round out the most efficiently valued names.

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