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Stablecoin Issuers Lead Weekly Fees
Tether and Circle remained the largest fee-generating crypto operations in the seven days through Oct. 23, 2026, while Ethereum recorded the strongest concentration of recent blockchain fee activity, according to data compiled by DeFiLlama.
Tether generated $122.9 million in fees during the week, virtually unchanged from $122.7 million in the previous seven-day period. Circle’s USDC generated $48.9 million, also essentially flat from $49 million.
In decentralized finance, or DeFi, fees represent the total amount users pay, while revenue refers to the portion retained by a protocol or distributed to token holders. For both stablecoin issuers, DeFiLlama listed weekly revenue equal to their reported fees.
PumpSwap, a decentralized exchange on Solana, ranked third with $22.2 million in fees and $2.9 million in revenue, with fees down 9% from the prior week. Polymarket US, an off-chain prediction market, collected $18.8 million in fees but reported no revenue, while Hyperliquid Perps generated $18.6 million in fees and $14.5 million in revenue.
Solana token-launch platform pump.fun posted $14.3 million in fees and $10.3 million in revenue. Launchpads help projects issue new tokens and establish initial trading markets.
Papertrade recorded the sharpest decline among the leading platforms. The off-chain derivatives operation generated $13.4 million in fees and revenue, down 73% from $49.7 million in the previous seven days.
Other top fee generators included Ethereum liquid-staking platform Lido at $11.1 million, Uniswap V4 at $9.6 million and lending protocol Aave V3 at $7.9 million. Their weekly fees fell 3%, 23% and 8%, respectively.
Real-World Assets and New Solana Projects Rise
Ondo Yield Assets generated the most fees by dollar value among projects meeting DeFiLlama’s fast-growth criteria. The real-world asset project, which operates on Ethereum and Solana, increased weekly fees 52% to $2 million from $1.3 million. In crypto markets, real-world asset projects seek to bring traditional financial assets or their yields onto blockchain networks.
Swell Liquid Restaking, an Ethereum-based project, entered the ranking with $1.9 million in weekly fees after reporting none during the prior period. Cardboard Trade, a Solana derivatives project, jumped from $5,000 to $471,000, an increase of more than 90 times.
Render Network BME, part of Solana’s decentralized physical infrastructure sector, increased fees sevenfold to $340,000. Ethereum exchange aggregator THORSwap rose to $299,000 from $83,000, while BULK derivatives fees climbed 192% to $203,000.
Other projects posting gains of at least 50% included BitFi BTC, Nullmask, TokenWorks and Propr. DeFiLlama’s growth list included only projects with at least $200,000 in weekly fees, limiting the distortions that can result when very small figures produce eye-catching percentage increases.
Ethereum Shows the Strongest Recent Concentration
Excluding off-chain issuer fees from companies such as Tether and Circle, Ethereum generated $15.9 million in fees over 24 hours and $368.6 million over 30 days. Its recent concentration ratio was 1.3, the highest among the tracked blockchains. The measure compares one day of fees with the daily average over 30 days; a reading above 1 indicates activity has become more concentrated recently.
Hyperliquid recorded $6.9 million in 24-hour fees and $178.4 million over 30 days, producing a concentration ratio of 1.2. TON followed with a ratio of 1.1.
Solana generated $12.4 million over 24 hours and $486.5 million over 30 days, but its concentration ratio was 0.8. BNB Chain and Polygon also recorded ratios of 0.8, while Base stood at 0.9. Robinhood Chain reported $2.1 million in daily fees and $112.3 million over 30 days, for a ratio of 0.6.
High Yields Come With Volatility
The data also highlighted the difference between protocol fees and the annual percentage yields offered to depositors. RSWETH showed a stated annual yield of 7,530.09%, but its 30-day average was 216.86%, with $33 million deposited. SWETH listed a 365.63% annual yield, compared with a 30-day average of 12.72%, on deposits of $31.4 million.
Rapid increases in fees or unusually high advertised yields do not establish that a project is safe or sustainable. Newer crypto projects can be especially volatile, and the DeFiLlama figures provide a snapshot of publicly available market activity rather than an investment recommendation.
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