Bull! Inventory the top ten most printed protocols in the cryptocurrency industry Starting yesterday afternoon, BTC has been pulling onions all the way, with a sword pointing at $88000! But old leeks all know a hard truth: when a bull first looks at its emotions, it will focus on storytelling in the middle and later stages of the bull market. However, what crosses the entire cycle and provides a safety net for the entire industry is always the real cash flow. Many tokens with impressive performance in this round, such as Hype and Uni, have real protocol revenue and deflation destruction as value support. Based on real-time data from DefiLlama, the editor has compiled an inventory of the top ten most profitable money making printing machines in the encryption industry over the past 30 days, using the net Protocol Revenue captured by the protocol itself as the standard. Top 1：Tether 30 day agreement data: Revenue of $491.19M on the 30th | USDT scale of approximately $183.34B One sentence introduction: The world's largest fiat collateralized stablecoin overlord, the lowest level liquidity bloodline in the entire Crypto market. Income model: risk-free underlying asset spread. Tens of billions of dollars of USDT deposits made by users are allocated by Tether to short-term US treasury bond bonds, overnight reverse repo and high liquidity cash equivalents on a large scale. In the current US dollar interest rate environment, it is equivalent to sitting on the ground and eating interest, earning nearly 500 million US dollars in the past 30 days, with yields crushing the vast majority of traditional Wall Street financial institutions. Dynamic annualized market to sales ratio P/S: The company has not been publicly listed. Top 2：Circle 30 day agreement data: Revenue of $200.07M on the 30th | Stock code NYSE: CRCL | Stock fully diluted market value of approximately $25.38B One sentence introduction: The compliant US dollar stablecoin leader who has successfully gone public and the leader of the full chain interconnection infrastructure CCTP. Income mode: treasury bond interest+cross chain network bridging fee. The vast majority of income still comes from cash and short-term bond interest that support USDC; In addition, Circle's self-developed Cross Chain Transport Protocol (CCTP) is accompanied by frequent fund scheduling between major L2 and main chains, continuously capturing stable cross chain tolls. Dynamic annualized market to sales ratio P/S: approximately 10.6 times calculated based on fully diluted equity. Compared to the often inflated valuations of cryptocurrency native tokens, Circle's pricing in the US stock market is both robust and attractive. Top 3：Hyperliquid 30 day agreement data: 30 day revenue of $60.60M | HYPE circulating market value of approximately $20.91B One sentence introduction: A decentralized order book perpetual and spot trading leader running on exclusive high-performance L1. Revenue model: pure on chain matching fee deduction+auction destruction. The agreement will allocate 99% of the perpetual contract transaction fee directly to the Assistance Fund, which will be used entirely for the continuous repurchase of HYPE tokens in the secondary market; At the same time, the spot handling fee and HIP-1 deployment auction token are directly executed for destruction, achieving the most powerful deflationary flywheel in the cryptocurrency circle. Dynamic annualized market sales ratio P/S: 28.7 times. Top 4： http://Pump.fun 30 day agreement data: 30 day revenue of 54.40M US dollars | corresponding market value estimate of approximately 2.04B US dollars One sentence introduction: Solana and the leader in multi chain Meme asset issuance, a traffic harvester that integrates Launchpad, PumpSwap, and trading terminals. Revenue model: high-frequency coin issuance fee+joint curve matching tax+internal trading commission. Covering token creation fees, internal graduation liquidity migration fees, 0.05% protocol withdrawal for self built DEX (PumpSwap), as well as additional transaction service fees for official mobile terminals and terminals. Dynamic annualized market sales ratio P/S: 3.13 times. Top 5：Canton 30 day agreement data: 30 day revenue of $49.89M | circulating market value of approximately $4.64B One sentence introduction: A high-performance Layer 1 network designed specifically for traditional financial cross institutional clearing and settlement and high privacy applications. Revenue model: Network underlying resource destruction mechanism. Including on chain traffic purchase, pre-approval authorization fees, node status maintenance fees, etc., all network revenue directly triggers token deflation and repurchase destruction, converting high-frequency settlements between institutions directly into on chain revenue. Dynamic annualized market sales ratio P/S: 7.75 times. Top 6：GMGN 30 day agreement data: Revenue of 42.86 million US dollars on the 30th | Market value: N/A (unissued) One sentence introduction: A professional level Meme&DEX trading dashboard that aggregates smart money tracking, fast buying and selling, and anti pinch execution. Revenue model: Routing execution fees are deducted. When users engage in lightning exchange of multi chain tokens on the platform, the protocol deducts a service fee (approximately 0.5% to 1%) for each transaction. After deducting the on chain distribution and promotion commission, the net retention was fully deposited into the agreement cash flow, and the monthly revenue remained stable at over 40 million US dollars. Dynamic annualized market sales ratio P/S: N/A. Pure blood cash flow products. Top 7：Robinhood Chain 30 day agreement data: Revenue of 35.19 million US dollars on the 30th | NASDAQ stock code: HOOD One sentence introduction: Robinhood, the headquarters of retail investors, has built its own application Layer 2 to undertake massive retail cross asset transactions. Revenue model: Sequencer Gas Spread. Users transfer and transact gas fees on the chain, and Robinhood packages and submits them to Ethereum L1. After deducting the cost of publishing Blob state data and sharing it with the Arbitrarum architecture, the majority of the profit from the price difference belongs to the company. Dynamic annualized market 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 30 day agreement data: Revenue of 30.01 million US dollars on the 30th | Market value: N/A (unissued) One sentence introduction: A cross chain trading terminal that focuses on a minimalist and smooth experience, deeply bound to the Hyperliquid sustainable ecosystem. Revenue model: Spot routing fees+Hyperliquid Builder Code sharing. On the one hand, they enjoy the service fee difference of fast exchange of multi chain spot goods, and on the other hand, they rely on a large number of leveraged users to guide Hyperliquid and earn huge rebates from underlying derivative trading. Dynamic annualized market to sales ratio P/S: N/A (not yet issued). Top 9：fomo 30 day agreement data: Revenue of $29.60M on the 30th | Market value: N/A (unissued) One sentence introduction: Web3 retail entry for mobile native, aggregated wallet and lightning trading. Revenue model: Built in Swap commission+cross chain Relay channel sharing+perpetual commission rebate. In response to the insensitivity of retail investors to friction costs on mobile devices, the built-in Swap service fee in the wallet is extracted, and Hyperliquid Perps is also integrated to capture the front-end dividends of derivatives. Dynamic annualized market to sales ratio P/S: N/A (not yet issued). Top 10：Pons 30 day agreement data: 30 day revenue of $24.95M | PONS token market value of $417.62M One sentence introduction: The asset with the most abundant liquidity and active trading on Robinhood Chain is launched and exchanged for Launchpad. Revenue model: New tax creation+joint curve liquidity pool sharing. The asset issuer pays a fixed blockchain native token creation fee, and for each subsequent Swap that occurs in the liquidity pool, the protocol will proportionally extract the protocol fee share. Dynamic annualized market sales ratio P/S: 1.39 times.