Crypto generates billions in revenue.

But have you ever looked at who’s actually capturing it?

I was going through the latest @DefiLlama data, and the distribution is pretty interesting.

Over the past 7 days, tracked crypto protocols generated approximately $260M in revenue.

Here’s how some of the biggest names compare.

➢ Tether: $117.3M

➢ Circle: $47.0M

➢ Hyperliquid: $15.5M

➢ Pump: $8.6M

Just Tether and Circle account for roughly 63% of the total.

But there’s an important distinction.

Most of their revenue comes from the assets backing stablecoins, particularly interest-bearing instruments.

Hyperliquid and Pump operate under very different models, primarily generating revenue through trading activity.

So…