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 lending, staking, cross-chain bridges, and trading aggregators.

Hyperliquid, with ample liquidity and the most market makers, leads the perp DEX sector. Last year, it was the decentralized perpetual contract exchange with the highest fee revenue for 10 months.

Industry revenue doubled, traditional giants still dominate, but perp DEX has emerged as an unstoppable new force.
#perp #Hyperliquid #DeFi