The monthly revenue flow shows that stablecoins remain the economic backbone of the market. Tether leads with $445.7M and a 2% increase, while Tron and Circle stay close with $209.5M and $208.1M. The dominance of these three firms indicates that onchain payments continue to generate most of the real revenue in a month of subdued activity.
Lower trading volume hit protocols that rely on day-to-day transaction flow. Hyperliquid closed at $89M after dropping more than 10%. PancakeSwap posted one of the steepest monthly declines, with revenue down 48.8% to $26.9M. MakerDAO added $34.4M, and Ethena fell to $26.9M after a 27% slide. The only outlier was pump.fun, which reached $31.9M after a 13.7% increase driven by speculative activity.
Layer-1 chains recorded the sharpest correction. Ethereum generated only $7.9M after falling 55.5%, a clear sign of weaker usage and lower fees. The report shows a consistent trend: the business that sustains the ecosystem remains concentrated in the infrastructure that moves stablecoins, while the rest of the market continues to slow down.
Source: https://defillama.com/stablecoins
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