Introduction
The crypto industry is dynamic, with thousands of projects emerging and fading. Only a select few achieve lasting product-market fit—where users willingly pay to use their protocols. This article analyzes the most profitable crypto business models since 2024.
8. Base
Revenue: $52 million (YTD)
Profit: $35 million (YTD)
Launched in Q3 2023 by Coinbase, Base is an Ethereum L2 chain built on the Optimism Stack. Its revenue stems from user-paid transaction fees. Key profitability drivers:
- EIP-4844 implementation reduced data availability costs by ~13x.
- Zero token incentives (no native token).
7. Lido
Revenue: $59 million (YTD)
Profit: $22.5 million (YTD)
As a leading liquid staking protocol, Lido connects ETH holders with node operators. Revenue comes from a 10% fee on staking rewards, split evenly between node operators and the Lido DAO treasury.
Key Advantage: Automatic compounding for stakers vs. manual 32 ETH minimum for solo validators.
6. Aerodrome
Revenue: $85 million (YTD)
Base’s top DEX leverages:
- veCRV-style tokenomics (AERO lockers earn 100% pool fees).
- Slipstream (Uniswap V3 fork) for concentrated liquidity.
Growth Catalyst: Incentivized liquidity pools and high trading volume.
5. Ethena
Revenue: $93 million (annualized)
Profit: $41 million (YTD)
Ethena’s USDe ("synthetic dollar") generates yield via:
- Delta-neutral strategies exploiting CEX/DEX funding rate arbitrage.
- ETH/stETH collateralization.
Challenge: Sustainability in bear markets.
4. Solana
Revenue: $135 million (YTD)
Revitalized by:
- Memecoin trading.
- DePIN-friendly "state compression" updates.
- JTO airdrop-driven capital inflows.
Note: High token rewards ($311M in 30 days) impact net profitability.
3. Maker
Revenue: $176 million (YTD)
Business Model:
- Issues DAI against collateral (ETH, USDC, USDe).
- Earns interest on loans; pays DAI Savings Rate (DSR) to stakers.
RWA Contribution: 25.6% of annualized income ($74M).
2. Tron
Revenue: $852 million (YTD)
Dominance:
- Leading stablecoin network (500–600B supply).
- High adoption in emerging markets (Argentina, Turkey, Africa).
1. Ethereum
Revenue: $1.42 billion (YTD)
Key Insight:
- Revenue from L1 fees; profitability fluctuates with Rollup migration.
- ETH stakers capture value via liquid staking platforms (e.g., Lido).
FAQs
Q: Which protocol has the highest profit margin?
A: Ethena (44% margin) and Base (67% margin) lead in profitability.
Q: Why is Tron’s revenue so high?
A: Massive stablecoin activity, particularly in developing economies.
Q: How does Aerodrome compete with Uniswap?
A: Via veCRV incentives and Slipstream’s concentrated liquidity.
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Summary Table
| Rank | Project | Revenue (YTD) | Key Driver |
|------|------------|---------------|--------------------------------|
| 1 | Ethereum | $1.42B | L1 fees + Rollups |
| 2 | Tron | $852M | Stablecoin transfers |
| 3 | Maker | $176M | DAI issuance + RWA |
| 4 | Solana | $135M | Memecoin/DePIN activity |
| 5 | Ethena | $93M | USDe yield farming |
| 6 | Aerodrome | $85M | veCRV incentives |
| 7 | Lido | $59M | Liquid staking fees |
| 8 | Base | $52M | Low-cost L2 transactions |
Data sourced from Token Terminal.