Across 627 protocols with both fee and revenue figures.
DeFi value capture
Who actually keeps the money?
Users paid $2.4B across 627 comparable protocols in 30 days. Protocols kept 55% of it.
Protocols kept55.5%
Reported for holders*64.2%
FEES ARE WHAT USERS PAIDREVENUE IS WHAT THE PROTOCOL KEPTHOLDER REVENUE IS WHAT REACHED HOLDERSFEES ARE WHAT USERS PAIDREVENUE IS WHAT THE PROTOCOL KEPTHOLDER REVENUE IS WHAT REACHED HOLDERS
One payment. Three very different numbers.
A busy protocol does not automatically keep much revenue. And revenue kept by a protocol does not automatically reach its token holders.
55.5% of the money users paid.
64.2% of revenue among 308 protocols that report both figures.
Large-enough protocols are running faster than their own 30-day pace.
The busiest cash registers.
The first bar is money paid. The next number shows how much of it stayed with the protocol.
TetherStablecoin Issuer
$522.7M
kept by the protocol100.1%
recent pace+1.0%
Circle USDCStablecoin Issuer
$212.1M
kept by the protocol100.0%
recent pace-0.8%
PumpSwapDexs
$116.5M
kept by the protocol13.5%
recent pace-17.8%
Hyperliquid PerpsDerivatives
$81.9M
kept by the protocol81.2%
recent pace+4.3%
Uniswap V4Dexs
$71.0M
kept by the protocol0.0%
recent pace-28.6%
pump.funLaunchpad
$61.3M
kept by the protocol73.4%
recent pace-6.4%
PapertradeDerivatives
$58.4M
kept by the protocol103.3%
recent pace+124.2%
LidoLiquid Staking
$51.9M
kept by the protocol6.1%
recent pace-7.0%
Meteora DLMMDexs
$39.6M
kept by the protocol10.0%
recent pace-59.0%
Aave V3Lending
$37.2M
kept by the protocol12.7%
recent pace-3.9%
Uniswap V3Dexs
$36.3M
kept by the protocol24.1%
recent pace-17.1%
Pons V2Launchpad
$35.8M
kept by the protocol13.8%
recent pace-61.4%
| Protocol | Kept | To holders | Share |
|---|---|---|---|
| Hyperliquid PerpsDerivatives | $66.5M | $66.5M | 100.0% |
| PapertradeDerivatives | $60.3M | $55.7M | 92.3% |
| pump.funLaunchpad | $45.0M | $30.6M | 68.1% |
| TronChain | $23.7M | $23.7M | 100.0% |
| StonkFunLaunchpad | $17.9M | $10.8M | 60.2% |
| Uniswap V3Dexs | $8.8M | $8.8M | 100.0% |
| Aerodrome SlipstreamDexs | $6.4M | $6.4M | 100.0% |
| EthereumChain | $6.3M | $6.3M | 100.0% |
Where users paid the most.
Categories are grouped only from protocols with comparable fee and revenue figures.
Stablecoin Issuer5 comparable protocols
$762.5M
98.6% keptDexs88 comparable protocols
$365.1M
16.6% keptLaunchpad29 comparable protocols
$185.8M
47.7% keptDerivatives36 comparable protocols
$182.4M
85.3% keptLiquid Staking51 comparable protocols
$128.4M
7.8% keptLending47 comparable protocols
$116.0M
20.4% keptChain33 comparable protocols
$106.0M
43.9% kept