Top 10 Protocols by Revenue This Spring Stablecoin issuers are absolutely dominating the revenue charts. Tether and Circle alone earned more than the other eight protocols combined. Here is the full breakdown: Tether - $1.49B Circle - $605M Hyperliquid - $148M Pump.fun - $101M Grayscale - $57M Polymarket - $55M Titan Builder - $50M Sky Ecosystem - $45M Axiom Exchange - $38M Paxos - $35M To put this into perspective: Tether's $1.49B is roughly 2.5x Circle's haul and about 10x what Hyperliquid earned in third place. The clear takeaway? Generating stablecoin yield remains the most lucrative business model in all of crypto. No other vertical comes close right now. Data via DefiLlama