Top 10 Crypto Protocols & Products by Total Revenue in 2025 The last year clearly separated hype from real cash flow. Stablecoin issuers, trading platforms, and core crypto products captured the majority of on-chain revenue, with Tether $USDT and Circle $USDC dominating thanks to yield on reserves, while Hyperliquid $HYPE and Pump.fun $PUMP followed closely behind.
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2025 Wrap-Up: Top Perpetual DEXs by FDV Perpetual DEXs became one of the strongest narratives of 2025, led by Hyperliquid, Aster, and Lighter. However, despite broad adoption, most perp tokens are trading far below their ATHs. At the same time, a new wave of perp DEXs is emerging, with multiple token launches expected soon - keeping the narrative active into the next year. $HYPE $ASTER $MYX $JUP $AVNT $APEX $DYDX $DRIFT $GMX $GNS
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