Author: Biteye

Since yesterday afternoon, BTC has been soaring, aiming for $88,000!

But experienced investors know a hard truth: bull markets initially rely on sentiment, while later stages of bull markets depend on narratives, but throughout the entire cycle, what ultimately underpins the industry is always real cash flow.

This round, many tokens with impressive performances, such as Hype and Uni, have real protocol revenue and deflationary destruction as their value support. 💵

According to real-time data from DefiLlama, the author has counted the top ten money printers in the crypto circle over the past 30 days based on the net real cash revenue captured by the protocol itself (Protocol Revenue). 👇

Top 1: Tether

📊30d protocol data: 30-day revenue $491.19M | USDT scale approximately $183.34B

💡One sentence introduction: The world's largest fiat-collateralized stablecoin leader, the liquidity lifeblood of the entire crypto market.

💰Revenue model: Risk-free underlying asset interest spread. Users mint USDT with hundreds of billions of dollars deposited, which Tether allocates on a large scale to short-term US Treasury bonds, overnight reverse repos, and highly liquid cash equivalents. In the current dollar interest rate environment, it's like earning interest while sitting still, netting nearly $500 million in the last 30 days, with yields surpassing most traditional financial institutions on Wall Street.

📈Dynamic annualized price-to-sales ratio P/S: The company is not publicly listed.

Top 2: Circle

📊30d protocol data: 30-day revenue $200.07M | Stock code NYSE: CRCL | Fully diluted market cap approximately $25.38B

💡One sentence introduction: The compliant dollar stablecoin leader that has successfully gone public, and the leader of the all-chain interoperability infrastructure CCTP.

💰Revenue model: Primarily treasury interest + cross-chain network bridging fees. The majority of revenue still comes from cash and short-term bond interest supporting USDC; additionally, Circle's self-developed cross-chain transfer protocol (CCTP) captures stable cross-chain bridge fees amid frequent capital movements between major L2 and main chains.

📈Dynamic annualized price-to-sales ratio P/S: Approximately 10.6 times based on fully diluted equity. Compared to the often drastically inflated valuations of native crypto tokens, the U.S. stock market's pricing of Circle offers both robustness and attractiveness.

Top 3: Hyperliquid

📊30d protocol data: 30-day revenue $60.60M | HYPE circulating market cap approximately $20.91B

💡One sentence introduction: A decentralized order book perpetual and spot trading leader running on a dedicated high-performance L1.

💰Revenue model: Pure on-chain matching fee commission + auction destruction. The protocol directs 99% of perpetual contract trading fees into an Assistance Fund, entirely used to continuously repurchase HYPE tokens in the secondary market; simultaneously, spot trading fees and HIP-1 deployed auction tokens are directly destroyed, achieving the most vigorous deflationary flywheel in the crypto circle.

📈Dynamic annualized price-to-sales ratio P/S: 28.7 times.

Top 4: http://Pump.fun

📊30d protocol data: 30-day revenue $54.40M | Corresponding market cap estimate approximately $2.04B

💡One sentence introduction: The dominant issuer of Solana and multi-chain meme assets, a traffic harvester that integrates Launchpad, PumpSwap, and trading terminal.

💰Revenue model: High-frequency token issuance fees + combined curve matching tax + internal trade commission. This includes token creation fees, internal graduation liquidity migration fees, 0.05% protocol cut from self-built DEX (PumpSwap), and additional trading service fees from the official mobile and Terminal.

📈Dynamic annualized price-to-sales ratio P/S: 3.13 times.

Top 5: Canton

📊30d protocol data: 30-day revenue $49.89M | Circulating market cap approximately $4.64B

💡One sentence introduction: A high-performance Layer 1 network specifically designed for cross-institutional settlement in traditional finance and high-privacy applications.

💰Revenue model: Network underlying resource destruction mechanism. This includes on-chain traffic purchase, pre-approval authorization fees, node status maintenance fees, etc., with all network earnings directly triggering token deflation and buyback destruction, converting high-frequency settlements between institutions directly into on-chain income.

📈Dynamic annualized price-to-sales ratio P/S: 7.75 times.

Top 6: GMGN

📊30d protocol data: 30-day revenue $42.86M | Market cap: N/A (not issued)

💡One sentence introduction: A professional meme & DEX trading dashboard for aggregating smart money tracking, rapid trading, and anti-sniping execution.

💰Revenue model: Routing execution fee commission. When users perform multi-chain token instant exchanges on the platform, the protocol deducts a service fee from each transaction (approximately 0.5%~1%). After deducting on-chain distribution promotion rebates, all net retains accumulate as protocol cash flow, with monthly revenue consistently surpassing $40 million.

📈Dynamic annualized price-to-sales ratio P/S: N/A. Pure cash flow product.

Top 7: Robinhood Chain

📊30d protocol data: 30-day revenue $35.19M | NASDAQ stock code: HOOD

💡One sentence introduction: The application Layer 2 built by retail giant Robinhood to support massive retail cross-asset trading.

💰Revenue model: Sequencer Gas profit spread. Users pay Gas fees for transfers and transaction payments on-chain; Robinhood centrally packages submissions to Ethereum L1, with the majority of the profit from the price difference retained by the company after deducting Blob state data publication fees and Arbitrum architecture shares.

📈Dynamic annualized price-to-sales ratio P/S: N/A. All on-chain revenue is ultimately reflected in the quarterly financial reports of the listed company (NASDAQ: HOOD).

Top 8: Axiom Pro

📊30d protocol data: 30-day revenue $30.01M | Market cap: N/A (not issued)

💡One sentence introduction: A cross-chain trading terminal focused on a minimal and smooth experience, deeply linked to the Hyperliquid perpetual ecosystem.

💰Revenue model: Spot routing fees + Hyperliquid Builder Code commission. On one hand, it earns the fee spread from multi-chain spot rapid exchanges, while on the other, it leverages vast leverage users to direct traffic to Hyperliquid, earning substantial commissions from underlying derivatives trading.

📈Dynamic annualized price-to-sales ratio P/S: N/A (not issued).

Top 9: fomo

📊30d protocol data: 30-day revenue $29.60M | Market cap: N/A (not issued)

💡One sentence introduction: A mobile-native, wallet-aggregated, and flash trades entry point for retail in Web3.

💰Revenue model: Built-in swap commission + cross-chain relay channel commission + perpetual rebates. Targeting the characteristic of retail users being insensitive to friction costs on mobile, it extracts service fees from the built-in swap within the wallet, while also accessing Hyperliquid Perps to capture front-end derivatives bonuses.

📈Dynamic annualized price-to-sales ratio P/S: N/A (not issued).

Top 10: Pons

📊30d protocol data: 30-day revenue $24.95M | PONS token market cap $417.62M

💡One sentence introduction: The liquidity-richest and most actively traded asset launch and exchange launchpad on Robinhood Chain.

💰Revenue model: Newly created token tax + joint curve liquidity pool sharing. Asset issuers pay a fixed fee in chain-native tokens for creation, and subsequently, for each swap occurring in the liquidity pool, the protocol extracts net revenue according to a ratio (Protocol Fee Share).

📈Dynamic annualized price-to-sales ratio P/S: 1.39 times.

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