In 2025, the revenue from crypto protocols exceeded $16 billion, more than double that of 2024, with the industry's value capture capability fully enhanced.
Among them, stablecoin issuers remain the biggest profit centers:
✅Tether and Circle contributed over 60% of the industry's total revenue (about 65% in 2024).
Growth highlights come from decentralized perpetual contract exchanges (perp DEX):
✅Hyperliquid, EdgeX, Lighter, Axiom, and other platforms together contributed 7%-8% of the industry's total revenue.
✅This share has surpassed the combined total of traditional DeFi sectors such as len
View Original