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Tether generated $120.1 million in fees and revenue over seven days, leading a DeFiLlama ranking reviewed Sept. 25, 2026. The stablecoin issuer’s total rose 2% from $117.8 million in the previous seven-day period.
Circle’s USDC ranked second with $49.3 million in fees and revenue, up 3%. In the data, fees represent the total amount users paid, while revenue is the portion retained by a protocol or distributed to token holders.
Derivatives and Solana platforms gain
Hyperliquid Perps recorded the strongest weekly growth among the leading fee-generating projects. The derivatives platform collected $21.1 million in fees, up 49% from $14.2 million, and posted $16.6 million in revenue.
PumpSwap, a decentralized exchange on Solana, generated $24.1 million in fees and $3.2 million in revenue. Axiom, a trading application operating on Solana and BNB Smart Chain, collected $14.7 million in fees and $8 million in revenue, a 26% weekly increase.
Uniswap V4 moved in the opposite direction. Its fees fell 17% to $21.4 million, while reported revenue was zero. Uniswap V3 collected $13 million in fees, down 8%, and Lido generated $12.3 million, up 7%.
Other projects in the top 10 included Pons V2 on Robinhood Chain, with $17.8 million in fees despite a 45% weekly decline, and Polymarket US, with $15.5 million, up 15%.
Aethir leads emerging projects
Aethir posted the largest seven-day fee total among projects newly entering or rapidly climbing the ranking. The developer-tools project on Arbitrum rose from zero to $2.8 million.
D2 Finance, an on-chain capital allocation project on Arbitrum and Ethereum, increased from zero to $387,000. Phygitals, a physical trading-card-game project on Solana, moved from negative $6,330 to $308,000.
Among projects with an existing comparison base, Unlock Protocol’s fees jumped from $192 to $1.1 million. TokenWorks rose from $55,000 to $1.5 million, while Midas RWA increased from $232,000 to $1 million. Symbiotic climbed from $49,000 to $301,000, and Rhea Dex advanced from $73,000 to $308,000.
Arbitrum records sharp concentration of activity
After excluding off-chain issuer fees from companies such as Tether and Circle, Solana led blockchain networks with $18.3 million in fees over 24 hours and $471.2 million over 30 days. Ethereum followed with $17.3 million over 24 hours and $347.2 million over 30 days.
Arbitrum generated a smaller $3.3 million over 24 hours and $17.4 million over 30 days, but its recent concentration ratio was 5.8, the highest among the listed networks. The figure means its latest daily total was 5.8 times its average daily fees over the 30-day period, signaling that activity was unusually concentrated in the most recent day.
Hyperliquid recorded $7.1 million in 24-hour fees and $170.3 million over 30 days. Robinhood Chain posted $5.8 million and $439.3 million, respectively, but had a concentration ratio of 0.4.
Fees do not measure investment safety
The figures track protocol use and income, not project safety or durability. Newer projects can also produce especially volatile percentage changes when they begin from a low or zero base.
Annual percentage yields offered to depositors are a separate measure from fees earned by protocols. Among pools holding at least $10 million, the listed annual yields ranged from 39.6% for Raydium’s WSOL-USDC pool on Solana to 62.7% for Uniswap V3’s WETH-USDT pool on Ethereum. Those rates do not provide the same information as the fee rankings and should not be treated as evidence of comparable risk or performance.
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