Hey folks, if you're knee-deep in the wild world of decentralized finance (DeFi) like I am, you know revenue is the real scorecard for protocols. It's not just about hype—it's about who's actually generating value and keeping the ecosystem humming. Over at Meme Insider, we love diving into these trends, especially when they intersect with meme tokens and blockchain innovations. Today, we're breaking down the freshest data from DefiLlama: the top 10 DeFi protocols by revenue over the past 30 days as of December 2025.

This snapshot isn't just numbers on a screen—it's a pulse check on where the money's flowing in DeFi. Stablecoins are holding strong at the top, but there's some serious action in derivatives and NFT spaces too. Let's unpack the leaders, what their revenue means, and why it matters for your next move in the crypto game.

The Stablecoin Powerhouses: Tether and Circle Lead the Charge

No surprises here—stablecoins are the backbone of DeFi, providing that sweet stability amid all the volatility. But these aren't your average pegged tokens; they're revenue machines thanks to yields from their backing assets.

• Tether (USDT Issuer)​: Clocking in at a whopping $703.62M in 30-day revenue, Tether's haul comes mostly from U.S. Treasury Bills and other low-risk investments backing USDT. It's like having a massive savings account for the crypto world—reliable and raking it in. Over 24 hours? $23.62M. That's daily passive income on steroids.

• Circle (USDC Issuer)​: Right behind at $235.92M for the month, Circle earns from cash equivalents and Treasury Bills too. It's a close race, but Tether's sheer scale gives it the edge. If you're trading or holding stables, these two are why your swaps feel seamless.

Why does this matter? Stablecoin issuers aren't just custodians; they're DeFi's quiet billionaires, funding liquidity pools that power everything from meme token launches to yield farming. In a market where meme coins can moon overnight, this steady revenue underscores the foundational tech keeping the party going.

Derivatives Disruptors: Hyperliquid and EdgeX Heating Up

Shifting gears to the high-octane world of perpetuals and derivatives—where leverage meets liquidity. These protocols are where traders go to bet big, and the fees (hello, revenue!) follow suit.

• Hyperliquid: This one's a beast at $88.85M over 30 days. Revenue? 99% of fees funneled into an Assistance Fund for buying HYPE tokens (minus some exclusions). It's gamified incentives at its finest—think DeFi meets meme-driven tokenomics. No wonder it's surging; in just 24 hours, it's pulling $2.3M.

• EdgeX: A more modest $43M monthly, but all of it goes straight to the treasury and token holders. Pure, unadulterated protocol fuel. If you're into governance tokens, this is the kind of revenue stream that could spark the next airdrop frenzy.

Derivatives aren't for the faint-hearted—they're volatile, sure, but they're also where innovation brews. Platforms like these are experimenting with on-chain order books and low-latency trades, paving the way for more accessible tools. For meme token traders, it's a reminder: liquidity from these giants often trickles down to your favorite pump.fun launches.

NFT and Launchpad Vibes: Fragment and Pump.fun Bring the Culture

DeFi isn't all suits and stables—it's got that creative edge too, especially in NFTs and token launches.

• Fragment (NFT Marketplace)​: $33.67M from straight-up trading fees. Simple: buy, sell, collect—revenue flows. In a world obsessed with digital art and collectibles, this is the marketplace keeping the creator economy alive.

• Pump.fun (Launchpad)​: Another $33.46M, split between pump.fun trading fees and swap revenue kept by the protocol. This is ground zero for meme coin mania—where ideas go viral and tokens blast off. If you've ever FOMO'd into a new Solana meme, thank (or blame) platforms like this.

These spots highlight DeFi's fun side. Revenue here isn't just profit; it's cultural capital. At Meme Insider, we see how NFT royalties and launch fees fund the next wave of blockchain art and viral tokens, blending tech with community-driven hype.

The Rest of the Pack: Lighter, Axiom Pro, Jupiter, and Sky

Rounding out the top 10, we've got a mix of trading apps, aggregators, and CDPs showing solid, if smaller, gains:

Rank	Protocol	Category	30-Day Revenue	Quick Note
7	Lighter	Derivatives	$22.51M	All fees = revenue. Clean and mean.
8	Axiom Pro	Trading App	$18.52M	Users snag some fees, so protocol take is net lower.
9	Jupiter	Aggregator / Perpetual Exchange	$14.89M	25% of total fees to the protocol—smart routing pays off.
10	Sky	CDP	$13.21M	Fees minus savings rates and ops expenses for DSR depositors.

These underdogs prove DeFi's diversity. Aggregators like Jupiter optimize your swaps (saving you gas on those meme flips), while CDPs like Sky let you borrow against collateral without selling your bags.

What This Means for DeFi in 2025

Zooming out, this revenue rundown screams maturity. Stablecoins anchor the top, but derivatives and launchpads are nipping at their heels— a sign that DeFi's evolving beyond simple swaps into sophisticated trading and creation tools. Total 30-day revenue across these? Over $1.2 billion. That's real economic activity, folks, powering everything from DAO treasuries to developer grants.

For blockchain builders and traders, the takeaway is clear: Focus on user retention (shoutout to the X replies calling this out) and fee structures that align incentives. Retention isn't just buzz—it's what turns one-off trades into sticky ecosystems. And with real interest rates dipping below 1% (as one commenter noted), we're primed for an altseason where these revenues could explode.

If you're building or hunting the next big meme token, keep an eye on these protocols. They're not just earning—they're shaping the future of on-chain finance. What's your take? Drop a comment below or hit us up on X. Stay insider-savvy, and happy trading!

Data sourced from DefiLlama as of December 5, 2025. Always DYOR—crypto moves fast.