Top 10 Projects by YTD Generated Revenue

Roughly $1.6B in protocol revenue year-to-date across the top ten, and two projects took almost half of it:

• Hyperliquid – $429M
• Pump Fun – $322M
• Axiom – $132M
• Sky – $130M
• GMGN – $126M
• Polymarket – $115M
• World Liberty – $95M
• Paxos – $88M
• EdgeX – $84M
• Titan Builder – $83M

Hyperliquid earns more than Axiom, Sky and GMGN combined – and pump.fun, the memecoin launchpad everyone declared dead in spring, is still second at $322M.

Below the top two it's mostly trading rails. Axiom, GMGN and EdgeX are terminals and perps and Polymarket at $115M is prediction markets. Nothing on the list is lending, NFTs or L2s; the 2021–24 revenue leaders have dropped off entirely.

Two names worth flagging: World Liberty at $95M means the Trump-family stablecoin USD1 is a top-ten business in its first full year. And Titan Builder, an Ethereum block builder most users have never heard of, out-earns every DeFi protocol except Sky.
Stablecoin issuers Tether and Circle are excluded here – they'd take the top two slots by a wide margin.

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