The 10 highest-grossing crypto protocols generated $1.2 billion in revenue during the 30 days ending Aug. 28, representing a 9.3% increase from the previous month’s total of $1.1 billion per DefiLlama data.

Ethena led the percentage gains with a 243% revenue surge, jumping from $9.46 million to $32.48 million, as its synthetic dollar USDe captured market share from traditional stablecoins.

The protocol’s revenue expansion of $23 million represented the second-largest absolute increase among tracked applications.

Pump.fun posted the second-highest percentage growth at 79%, with revenue climbing from $22.55 million to $40.39 million.

The Solana-based memecoin launchpad benefited from continued speculation in newly created tokens, generating an additional $17.84 million in monthly fees.

Stablecoin dominance continues

Tether maintained market leadership despite modest 2.9% growth, with revenue rising from $614.79 million to $632.91 million.

The stablecoin issuer’s $18.12 million increase represented the largest absolute gain among protocols, reinforcing its position as the sector’s primary revenue generator.

Circle ranked second with revenue growing 4.5% from $197.59 million to $206.4 million, adding $8.81 mill

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Author: Gino Matos