Top 10 Protocols by Fees in the Last 30 Days

The top ten protocols collected ~$1.53B in fees over the past month, and two stablecoin issuers took 46% of it:

• Tether – $503M
• Circle – $207M
• Uniswap – $206M
• Pump Fun – $164M
• Pons – $140M
• Polymarket – $87.3M
• Hyperliquid – $73M
• Lido – $50.7M
• GMGN – $49.8M
• Canton – $48.9M

Tether and Circle earn by holding Treasuries against the dollars people park in USDT and USDC. They don't need traders, only deposits and interest rates, and the Fed's hike this month helps them.

Fees aren't the same as revenue. Uniswap collects $206M, but most of it goes to liquidity providers, not the protocol. Hyperliquid ranks only #7 here, yet it leads crypto by revenue this year because it keeps almost everything it collects and sends ~99% to buybacks.

Pons is the outlier. It's a Robinhood Chain launchpad worth less than $500M, and it collected $140M in 30 days, more than Polymarket and Hyperliquid. That usually means a peak month, not a steady run-rate.

Data source 🔗 DefiLlama

Top 7 Perks | Variational Points +12% | Nado Private Invite | Kolo Free Card Issuance | $20 in KAST Points