Protocol revenue and holder payouts
Which protocols and chains pay their token holders through buybacks, burns or fee share, and how much.
Updated 3 Nov 2026, 06:01 UTC
Last 12 monthsFrom our holder-payouts dataset, as of 24 Oct 2026, 00:00 UTC.
Protocol revenueAll protocols; $5.03B without the stablecoin issuers$13.53B
Holder payoutsBuybacks, burns and fee share; $1.83B from the main protocols: 79 paid $1M or more, 22 paid $10M or more$1.88B
Payout share of revenueWithout the stablecoin issuers; 13.9% with Tether, Circle, Paxos and RLUSD37.4%
Top-3 concentrationOf the main protocols' payouts, from HYPE, PUMP, AERO59.1%
Last 30 daysDefiLlama's own count across every protocol.
Revenue$1.25B
Paid to holders$229.65M
Fees paid$2.28B
Fees kept as revenue54.9%
Revenue, 12 months$13.48B
Leaderboard
| # | Token (protocol) | 12m trend (H2 vs H1) | How it pays | ||||
|---|---|---|---|---|---|---|---|
| 1 | HYPE (Hyperliquid)Buyback: 99% of perp and spot fees go to the Assistance Fund, which buys HYPE; HYPE paid in spot token auctions is burned | $706.84M | $895.34M | $19.92B | 3.55% | Falling −13%$376.19M to $326.93M | Buyback: 99% of perp and spot fees go to the Assistance Fund, which buys HYPE; HYPE paid in spot token auctions is burned |
| 2 | PUMP (Pump)Buyback (PUMP bought back and burned, tracked from on-chain burns) | $282.97M | $341.31M | $1.80B | 15.75% | Falling −23%$159.18M to $123.01M | Buyback (PUMP bought back and burned, tracked from on-chain burns) |
| 3 | AERO (Aerodrome)Fee share: swap fees go to veAERO lockers who vote | $90.99M | $188.37M | $474.15M | 19.19% | Falling −17%$49.53M to $40.96M | Fee share: swap fees go to veAERO lockers who vote |
| 4 | LINK (Chainlink)Buyback: LINK bought with revenue from on-chain and off-chain sources | $59.76M | $65.81M | $8.48B | 0.70% | Rising +1%$29.28M to $29.49M | Buyback: LINK bought with revenue from on-chain and off-chain sources |
| 5 | UNI (Uniswap)Buyback and burn: part of swap fees buys and burns UNI (Ethereum since 28 Dec 2025, more chains since) | $55.63M | $143.56M | $4.33B | 1.28% | Rising +262%$12.03M to $43.60M | Buyback and burn: part of swap fees buys and burns UNI (Ethereum since 28 Dec 2025, more chains since) |
| 6 | CAKE (PancakeSwap)Buyback and burn of CAKE from a share of swap, prediction and lottery fees | $49.40M | $48.01M | $584.18M | 8.46% | Falling −41%$30.12M to $17.84M | Buyback and burn of CAKE from a share of swap, prediction and lottery fees |
| 7 | EDGE (edgeX)Buyback of EDGE from protocol revenue | $47.27M | $7.44M | $109.67M | 43.10% | Rising +455%$7.22M to $40.05M | Buyback of EDGE from protocol revenue |
| 8 | JUP (Jupiter)Buyback: 50% of platform revenue buys JUP (since 17 Feb 2025) | $41.42M | $37.38M | $802.84M | 5.16% | Falling −41%$25.91M to $15.31M | Buyback: 50% of platform revenue buys JUP (since 17 Feb 2025) |
| 9 | ORE (ORE Protocol)Buyback and burn: 99% of fees buy ORE, which is burned or given to stakers | $41.03M | $34.56M | $72.77M | 56.38% | Falling −32%$24.36M to $16.66M | Buyback and burn: 99% of fees buy ORE, which is burned or given to stakers |
| 10 | LIT (Lighter)Buyback of LIT from fees | $29.76M | $32.49M | $775.60M | 3.84% | Falling −4%$15.19M to $14.57M | Buyback of LIT from fees |
| 11 | CRV (Curve Finance)Fee share: 90% of the protocol share of pool fees (plus crvUSD fees and bribes) to veCRV lockers | $27.75M | $20.52M | $418.62M | 6.63% | Falling −54%$19.01M to $8.72M | Fee share: 90% of the protocol share of pool fees (plus crvUSD fees and bribes) to veCRV lockers |
| 12 | ASTER (Aster)Buyback of ASTER from fees (burned before 2 Feb 2026; since 17 Jun 2026 given to veASTER stakers) | $26.94M | $43.45M | $1.74B | 1.54% | Rising +25%$11.95M to $14.99M | Buyback of ASTER from fees (burned before 2 Feb 2026; since 17 Jun 2026 given to veASTER stakers) |
| 13 | PONS (Pons)Buyback and burn: about 80% of revenue | $21.39M | $136.85M | $135.49M | 15.79% | Newnone to $21.39M | Buyback and burn: about 80% of revenue |
| 14 | AAVE (Aave)Buyback of AAVE by the treasury (since 9 Apr 2025) | $18.87M | $0 | $1.94B | 0.97% | Falling −96%$18.04M to $732.10K | Buyback of AAVE by the treasury (since 9 Apr 2025) |
| 15 | RAY (Raydium)Buyback: 12% of AMM swap fees buy RAY; 25% of LaunchLab fees buy and burn RAY | $18.76M | $51.94M | $409.22M | 4.58% | Falling −13%$10.00M to $8.68M | Buyback: 12% of AMM swap fees buy RAY; 25% of LaunchLab fees buy and burn RAY |
| 16 | STONK (StonkFun)Buyback and burn of STONK | $16.41M | $165.69M | $82.22M | 19.96% | Newnone to $16.41M | Buyback and burn of STONK |
| 17 | GODL (GODL protocol)Buyback and burn: 99% of fees, with value to GODL stakers | $14.21M | $3.45M | — | — | Falling −67%$10.69M to $3.52M | Buyback and burn: 99% of fees, with value to GODL stakers |
| 18 | MET (Meteora)Buyback of MET from protocol revenue, plus small USDC rewards to MET stakers | $13.76M | $998.85K | $152.70M | 9.01% | Falling −99%$13.62M to $132.55K | Buyback of MET from protocol revenue, plus small USDC rewards to MET stakers |
| 19 | BONK (BONK.fun)Buyback and burn (50% of launchpad fees since 10 Jun 2025) plus small rewards | $13.20M | $64.81M | $242.18M | 5.45% | Falling −4%$6.74M to $6.45M | Buyback and burn (50% of launchpad fees since 10 Jun 2025) plus small rewards |
| 20 | PENDLE (Pendle)Fee share: 80% of revenue to sPENDLE holders (100% before Sep 2025) | $12.82M | $3.81M | $303.01M | 4.23% | Falling −49%$8.48M to $4.30M | Fee share: 80% of revenue to sPENDLE holders (100% before Sep 2025) |
| 21 | CVX (Convex Finance)Fee share: CRV/CVX/FXS and bribes to CVX lockers and cvxCRV stakers | $12.79M | $10.68M | $178.86M | 7.15% | Falling −47%$8.34M to $4.43M | Fee share: CRV/CVX/FXS and bribes to CVX lockers and cvxCRV stakers |
| 22 | PHAR (Pharaoh Exchange)Fee share: swap fees and vote incentives to xPHAR voters | $11.42M | $32.42M | $2.13M | 535.13% | Rising +27%$5.03M to $6.37M | Fee share: swap fees and vote incentives to xPHAR voters |
| 23 | APEX (ApeX Protocol)Buyback: 50% of fees buy APEX weekly | $9.98M | $2.38M | $31.08M | 32.12% | Falling −85%$8.68M to $1.30M | Buyback: 50% of fees buy APEX weekly |
| 24 | ETHFI (ether.fi)Buyback of ETHFI | $9.46M | $0 | $575.41M | 1.64% | Falling −100%$9.46M to $0 | Buyback of ETHFI |
| 25 | BLACK (Blackhole)Fee share: swap fees to veBLACK voters | $9.39M | $1.42M | $801.54K | 1171.57% | Falling −84%$8.01M to $1.26M | Fee share: swap fees to veBLACK voters |
| 26 | MAMO (Mamo)Fee share: Aerodrome LP fees to MAMO stakers | $9.22M | $3.36M | $3.41M | 270.34% | Falling −82%$7.74M to $1.41M | Fee share: Aerodrome LP fees to MAMO stakers |
| 27 | GEOD (Geodnet)Buyback and burn: 80% of fees buy GEOD and remove it from circulation | $7.52M | $9.32M | $173.38M | 4.34% | Rising +34%$3.20M to $4.31M | Buyback and burn: 80% of fees buy GEOD and remove it from circulation |
| 28 | GMX (GMX)Fee share: 27% of fees to GMX stakers | $7.27M | $3.87M | $88.26M | 8.24% | Falling −31%$4.30M to $2.96M | Fee share: 27% of fees to GMX stakers |
| 29 | DBR (deBridge)Buyback of DBR from protocol revenue (since 20 Jun 2025) | $7.19M | $5.46M | $85.19M | 8.44% | Falling −30%$4.18M to $2.91M | Buyback of DBR from protocol revenue (since 20 Jun 2025) |
| 30 | LDO (Lido)Buyback of LDO (LDO Accumulation Program) | $7.06M | $27.41M | $271.05M | 2.61% | Newnone to $7.06M | Buyback of LDO (LDO Accumulation Program) |
| 31 | ZINC (ZINC)Buyback: SOL fees buy ZINC, 90% burned, 10% to stakers | $6.64M | $5.10K | $22.80K | 29118.12% | Newnone to $6.64M | Buyback: SOL fees buy ZINC, 90% burned, 10% to stakers |
| 32 | BEAN / PEA (PEA)Buyback: fees buy BEAN/PEA, mostly burned, a small share to stakers | $6.44M | $240.96K | — | — | Rising +155%$1.81M to $4.63M | Buyback: fees buy BEAN/PEA, mostly burned, a small share to stakers |
| 33 | NEAR (NEAR Protocol)Buyback of NEAR from NEAR Intents revenue (not burned; since 23 Feb 2026) | $5.93M | $25.21M | $4.95B | 0.12% | Rising +509%$836.55K to $5.09M | Buyback of NEAR from NEAR Intents revenue (not burned; since 23 Feb 2026) |
| 34 | BGT/BERA (Berachain Incentive Buys)Fee share: BGT booster incentives paid to BGT holders | $5.80M | $0 | $45.85M | 12.66% | Falling −91%$5.23M to $476.35K | Fee share: BGT booster incentives paid to BGT holders |
| 35 | VELO (Velodrome)Fee share: swap fees and bribes to veVELO voters | $5.72M | $4.97M | $21.58M | 26.49% | Falling −42%$3.61M to $2.09M | Fee share: swap fees and bribes to veVELO voters |
| 36 | CLANKER (Farcaster)Buyback: CLANKER bought back and given to holders (clanker product) | $5.62M | $0 | $11.00M | 51.07% | Falling −100%$5.62M to $0 | Buyback: CLANKER bought back and given to holders (clanker product) |
| 37 | DYDX (dYdX)Fee share: trading fees to DYDX stakers | $5.35M | $3.35M | $85.05M | 6.29% | Falling −63%$3.87M to $1.43M | Fee share: trading fees to DYDX stakers |
| 38 | SLVR (SLVR)Fee share to stakers plus buyback and burn | $4.29M | $13.53M | — | — | Newnone to $4.29M | Fee share to stakers plus buyback and burn |
| 39 | REX (Etherex)Fee share: swap fees and bribes to xREX voters | $4.07M | $77.85K | $599.04K | 680.06% | Falling −98%$3.90M to $79.66K | Fee share: swap fees and bribes to xREX voters |
| 40 | YB (Yield Basis)Fee share: admin fees to veYB holders | $3.90M | $43.84K | $16.93M | 23.03% | Falling −95%$3.70M to $199.89K | Fee share: admin fees to veYB holders |
| 41 | SPK (Spark)Buyback of SPK by the Spark treasury | $3.83M | $8.61M | $55.97M | 6.85% | Rising +422%$615.81K to $3.22M | Buyback of SPK by the Spark treasury |
| 42 | QUICK (Quickswap)Buyback: 70% of protocol revenue (80% before 4 Nov 2025) | $3.83M | $1.60M | $2.77M | 138.18% | Falling −65%$2.83M to $988.17K | Buyback: 70% of protocol revenue (80% before 4 Nov 2025) |
| 43 | NEST (nest)Fee share: swap fees to veNEST lockers | $3.54M | $7.97M | $5.46M | 64.89% | Rising +865%$332.32K to $3.21M | Fee share: swap fees to veNEST lockers |
| 44 | THOR (THORSwap)Fee share to THOR holders/stakers, plus 20% buyback and burn | $3.51M | $2.33M | $9.55M | 36.74% | Falling −46%$2.27M to $1.22M | Fee share to THOR holders/stakers, plus 20% buyback and burn |
| 45 | VVV (Venice)Buyback and burn of VVV (per-subscription burns plus bulk revenue buybacks) | $3.50M | $10.98M | $1.05B | 0.33% | Rising +557%$463.00K to $3.04M | Buyback and burn of VVV (per-subscription burns plus bulk revenue buybacks) |
| 46 | GNS (Gains Network)Buyback and burn or staking rewards (DefiLlama text gives both) | $3.50M | $517.31K | $8.69M | 40.29% | Falling −73%$2.74M to $752.42K | Buyback and burn or staking rewards (DefiLlama text gives both) |
| 47 | TORN (Tornado Cash)Fee share: TORN from relayer stakes to TORN locked in governance | $3.44M | $3.94M | $28.03M | 12.28% | Falling −14%$1.85M to $1.59M | Fee share: TORN from relayer stakes to TORN locked in governance |
| 48 | ZRO (LayerZero)Buyback of ZRO | $3.39M | $0 | $686.07M | 0.49% | Falling −69%$2.59M to $804.97K | Buyback of ZRO |
| 49 | FLUID (Fluid)Buyback from the treasury | $3.38M | $0 | $153.56M | 2.20% | Falling −100%$3.38M to $0 | Buyback from the treasury |
| 50 | THE (THENA)Fee share: fees to veTHE voters and theNFT stakers | $3.23M | $878.90K | $6.23M | 51.92% | Falling −78%$2.63M to $568.55K | Fee share: fees to veTHE voters and theNFT stakers |
| 51 | HYDX (Hydrex)Fee share: DEX fees to governance token holders | $3.23M | $5.37M | $935.51K | 344.80% | Falling −51%$2.16M to $1.05M | Fee share: DEX fees to governance token holders |
| 52 | PLSX (PulseX)Paid to governance token holders (DefiLlama text does not say how) | $3.22M | $1.90M | — | — | Falling −59%$2.26M to $927.90K | Paid to governance token holders (DefiLlama text does not say how) |
| 53 | FLIP (Chainflip)Burn: FLIP bought and burned from fees | $3.08M | $3.93M | $26.54M | 11.60% | Falling −5%$1.57M to $1.50M | Burn: FLIP bought and burned from fees |
| 54 | SYRUP (Maple Finance)Buyback of SYRUP (10% of revenue since Jul 2026; 25% before) | $2.97M | $1.83M | $180.25M | 1.65% | Falling −42%$1.87M to $1.08M | Buyback of SYRUP (10% of revenue since Jul 2026; 25% before) |
| 55 | UP (up)Fee share: swap fees to veUP voters | $2.72M | $13.57M | $3.79M | 71.78% | Newnone to $2.72M | Fee share: swap fees to veUP voters |
| 56 | MPLX (Metaplex)Buyback: 50% of revenue buys MPLX | $2.68M | $281.99K | $44.28M | 6.05% | Falling −75%$2.12M to $533.62K | Buyback: 50% of revenue buys MPLX |
| 57 | SHADOW (Shadow Exchange)Fee share: swap fees and early-exit penalties to xSHADOW holders | $2.60M | $500.83K | $858.21K | 303.42% | Falling −83%$2.18M to $376.69K | Fee share: swap fees and early-exit penalties to xSHADOW holders |
| 58 | RAM (RamsesX)Fee share: swap fees and bribes to voters | $2.50M | $4.97M | $2.88M | 86.91% | Rising +44%$1.03M to $1.48M | Fee share: swap fees and bribes to voters |
| 59 | STONKBROKER (StonkBrokers)Burn: half of activation fees burned (Safety Deposit Box: no methodology text) | $2.50M | $4.82M | $17.98M | 13.90% | Newnone to $2.50M | Burn: half of activation fees burned (Safety Deposit Box: no methodology text) |
| 60 | FWA (Fake World Assets)Buyback (and burn in V2) from protocol fees | $2.34M | $7.13M | $4.30M | 54.49% | Newnone to $2.34M | Buyback (and burn in V2) from protocol fees |
| 61 | HNT (Helium Network)Buyback and burn of HNT | $2.30M | $0 | $67.96M | 3.38% | Falling −100%$2.30M to $0 | Buyback and burn of HNT |
| 62 | PNKSTR (TokenWorks)Buyback and burn: 10% of fees buy and burn PNKSTR | $2.17M | $3.21M | — | — | Falling −60%$1.33M to $534.97K | Buyback and burn: 10% of fees buy and burn PNKSTR |
| 63 | ORCA (Orca)Buyback: ORCA bought and put in the xORCA vault | $2.07M | $6.16M | $84.36M | 2.46% | Rising +13%$968.15K to $1.10M | Buyback: ORCA bought and put in the xORCA vault |
| 64 | XVS (Venus)Fee share: 40% of borrow interest plus liquidation income to XVS vault stakers | $1.93M | $3.74M | $47.32M | 4.08% | Falling −40%$1.20M to $715.82K | Fee share: 40% of borrow interest plus liquidation income to XVS vault stakers |
| 65 | SSV (SSV Network)Burn before migration; ETH fees to cSSV stakers after | $1.83M | $3.70M | $33.16M | 5.51% | Rising +27%$805.09K to $1.02M | Burn before migration; ETH fees to cSSV stakers after |
| 66 | RENDER (Render Network BME)Burn: 95% of job fees burn RENDER | $1.80M | $2.89M | $795.44M | 0.23% | Falling −2%$905.39K to $884.69K | Burn: 95% of job fees burn RENDER |
| 67 | RAIL (Railgun)Fee share: part of the treasury distributed to claimers every 2 weeks | $1.71M | $4.06M | $128.04M | 1.34% | Rising +21%$774.61K to $939.15K | Fee share: part of the treasury distributed to claimers every 2 weeks |
| 68 | INDEX (The Index)Distribution: stocks delivered to INDEX holders | $1.68M | $1.50M | $5.78M | 29.05% | Newnone to $1.68M | Distribution: stocks delivered to INDEX holders |
| 69 | NXM (Nexus Mutual)Indirect: 50% of premiums kept in the capital pool, backing NXM | $1.64M | $797.17K | $89.65M | 1.83% | Falling −14%$884.79K to $756.82K | Indirect: 50% of premiums kept in the capital pool, backing NXM |
| 70 | ABX (Aborean Finance)Fee share: swap fees and bribes to veABX voters | $1.55M | $339.97K | $8.63K | 18017.62% | Falling −85%$1.35M to $200.61K | Fee share: swap fees and bribes to veABX voters |
| 71 | QUBIC (Qubic Idle Compute)Buyback and burn of QUBIC | $1.48M | $0 | $58.46M | 2.53% | Falling −64%$928.95K to $338.44K | Buyback and burn of QUBIC |
| 72 | MNDE (Marinade)Buyback: 50% of revenue buys MNDE (since 5 Sep 2025) | $1.44M | $2.65M | $12.67M | 11.33% | Rising +23%$644.56K to $790.66K | Buyback: 50% of revenue buys MNDE (since 5 Sep 2025) |
| 73 | BAL (Balancer)Fee share to veBAL holders (stopped after 23 Apr 2026) | $1.43M | $0 | $8.34M | 17.17% | Falling −93%$1.32M to $91.28K | Fee share to veBAL holders (stopped after 23 Apr 2026) |
| 74 | EUL (Euler)Buyback of EUL | $1.42M | $1 | $25.26M | 5.61% | Falling −98%$1.39M to $24.14K | Buyback of EUL |
| 75 | DUST (Neverland)Fee share (USDC to veDUST) plus buyback and burn of DUST | $1.41M | $284.14K | $54.43K | 2581.53% | Rising +2%$694.13K to $710.97K | Fee share (USDC to veDUST) plus buyback and burn of DUST |
| 76 | PNP/MGP (Magpie Ecosystem)Fee share to vlPNP holders and stakers (Penpie) | $1.22M | $8.19K | $832.97K | 147.06% | Falling −99%$1.19M to $14.73K | Fee share to vlPNP holders and stakers (Penpie) |
| 77 | RSUP (Resupply)Fee share: platform fees to RSUP stakers | $1.09M | $949.09K | $2.12M | 51.19% | Falling −58%$757.41K to $320.62K | Fee share: platform fees to RSUP stakers |
| 78 | TREE (Tree News)Burn: 100% of subscription revenue burned | $1.08M | $754.60K | $16.22M | 6.65% | Falling −25%$615.63K to $459.78K | Burn: 100% of subscription revenue burned |
| 79 | KITTEN (Kittenswap Finance)Fee share: fees to veKITTEN voters | $1.04M | $336.12K | $331.08K | 315.00% | Falling −30%$609.14K to $428.32K | Fee share: fees to veKITTEN voters |
| # | Token (protocol) | 12m trend (H2 vs H1) | How it pays | ||||
|---|---|---|---|---|---|---|---|
| 1 | TRX (Tron)Chain fee burn: TRX fees burned | $345.74M | $291.23M | $30.47B | 1.13% | Falling −8%$179.21M to $164.99M | Chain fee burn: TRX fees burned |
| 2 | ETH (Ethereum)Chain fee burn: base and blob fees burned | $62.16M | $78.76M | $274.29B | 0.02% | Falling −18%$33.91M to $27.93M | Chain fee burn: base and blob fees burned |
| 3 | SOL (Solana)Chain fee burn: 50% of base fees burned | $27.42M | $38.44M | $54.08B | 0.05% | Falling −21%$15.26M to $12.01M | Chain fee burn: 50% of base fees burned |
| 4 | BNB (BSC)Chain fee burn: 10% of BNB gas fees burned | $20.08M | $23.84M | $91.31B | 0.02% | Falling −27%$11.24M to $8.24M | Chain fee burn: 10% of BNB gas fees burned |
| 5 | HYPE (Hyperliquid L1)Chain fee burn: HyperEVM gas burned (HYPE) | $10.39M | $8.39M | $19.92B | 0.05% | Falling −4%$5.29M to $5.06M | Chain fee burn: HyperEVM gas burned (HYPE) |
| 6 | QUAI (Quai)Fees buy back and burn QUAI | $5.80M | $3.71M | $7.56M | 76.83% | Falling −13%$3.10M to $2.70M | Fees buy back and burn QUAI |
| 7 | AVAX (Avalanche)Chain fee burn: AVAX fees burned | $3.88M | $5.22M | $3.68B | 0.11% | Falling −69%$2.94M to $914.14K | Chain fee burn: AVAX fees burned |
| 8 | INJ (Injective)Chain fee burn: gas plus weekly burn auction | $3.68M | $2.76M | $700.67M | 0.53% | Falling −26%$2.11M to $1.55M | Chain fee burn: gas plus weekly burn auction |
| 9 | ICP (ICP)Chain fee burn: cycles burn ICP | $2.03M | $2.30M | $1.36B | 0.15% | Falling −16%$1.10M to $924.11K | Chain fee burn: cycles burn ICP |
| 10 | FIL (Filecoin)Chain fee burn: FIL fees burned | $1.98M | $841.29K | $725.54M | 0.27% | Falling −42%$1.25M to $728.19K | Chain fee burn: FIL fees burned |
| 11 | MON (Monad)Chain fee burn: MON base fees burned | $1.58M | $4.84M | $201.25M | 0.78% | Rising +260%$343.10K to $1.23M | Chain fee burn: MON base fees burned |
| 12 | TON (TON)Chain fee burn: 50% of TON fees burned | $1.02M | $413.24K | $3.33B | 0.03% | Falling −57%$714.39K to $303.73K | Chain fee burn: 50% of TON fees burned |
A chain's payout is the fees it burns, which shrinks the supply of its token for every holder.
| # | Token (protocol) | 12m trend (H2 vs H1) | How it pays | ||||
|---|---|---|---|---|---|---|---|
| 1 | SKY (Sky)Buyback of SKY plus USDS rewards to SKY stakers | $60.25M | $68.30M | $1.50B | 4.01% | Falling −71%$46.51M to $13.34M | Buyback of SKY plus USDS rewards to SKY stakers |
| 2 | ONDO (Ondo Finance)n/a (no DefiLlama methodology text) | $1.98M | $0 | $1.86B | 0.11% | Falling −100%$1.83M to $0 | n/a (no DefiLlama methodology text) |
The four big stablecoin issuers: revenue over 12 months
| Issuer | 12m revenue |
|---|---|
| Tether | $5.94B |
| Circle USDC | $2.38B |
| Paxos Stablecoin Issuer | $123.74M |
| Ripple USD | $51.34M |
They pay nothing to token holders, so they are the gap between the 13.9% and 37.4% payout shares above.
Top 40 revenue, 30d$1.18B
Median 30d change−2.7%
Growing this month12 of 40
Sources: DefiLlama (revenue, holders revenue and fees, every protocol) and the Grand Line holder-payouts dataset (DefiLlama's holders revenue added up by token, market caps by CoinGecko id, and how each one pays in plain words).
Need help? Email kyle@grandlineresearch.com. Not financial advice. Read our privacy policy and terms.