LunarCrush, a platform that uses artificial intelligence (AI) to analyze digital assets like cryptocurrencies, has revealed the list of the Top 15 projects that generated revenue in the year 2025. In the given list, the Tether project is leading all the projects with 16.9M active addresses over the past 30 days and has successfully able to generated revenue of $5.2B.
TOP 15 PROJECTS BY TOTAL REVENUE IN 2025#Tether #Circle #Hyperliquid #PumpFun #Ethena #Axiom #Sky #PancakeSwap #Phantom #Aerodrome #Photon #Aave #Aethir #Raydium #Lido pic.twitter.com/CA07puSxDA
— PHOENIX – Crypto News & Analytics (@pnxgrp) December 25, 2025
Circle is the runner-up in this race with 7.5M active addresses and also shows considerable growth in revenue, which is about $2.4B, during the year 2025. The next one is Hyperliquid, which shows very good growth in TVL about $4.1B, and has 292.7K active addresses with $630M revenue generation. Phoenix Group has revealed this news through its official X account.
Pump Fun, Ethena, and PancakeSwap Lead the Crypto Revenue Race in 2025
Pump Fun stands at the fourth position with 864.9K active addresses, along with the $549M revenue generated and TVL of $199.3M in 2025. Then comes Ethena with $389M in revenue generation and TVL of $6.5B. Ethena also has 38.7K active addresses. In addition, the Axiom project comes with $357M in revenue generation.
Sky project appeared with the value of 699.1K in active addresses perspective and holding a TVL of $6.1B with $355M in revenue generated. PencakeSwap has a central position in the given top projects, having successfully generated revenue of $317M and TVL of $2.4B, along with $2.0M active addresses. Moreover, Phantom has earned revenue of $293M in the year 2025.
Aerodrome Secures 10th Spot as Revenue and Usage Define Crypto 2025
The Aerodrome project could earn the 10th position in the given list of the top projects that performed well in the year 2025 in three aspects, which are active addresses, TVL, and revenue. Aerodrome appears on the list with a TVL of $445.9M and is successfully able to generate $207M revenue with 65.2K active addresses. Furthermore, the Photon project could be able to earned revenue of $188M with 56.0K active addresses during the year 2025.
The Aave project has a TVL of $33.3B and is hardly able to generate revenue of $130M, which is the low as compared to the previously discussed projects, and has 147.9K active addresses. Aethir comes in the last third position in the projects given list with active addresses of 19.0K and having $120M revenue in the year 2025.
The Raydium project is hardly able to make its position in the list, although it stands at the second last position with a TVL of $1.3B and 4.2M active addresses with $91.6M revenue. Last but not least, Lido got the last position in the race of top projects in 2025. Lido has the lowest figure of $83.3M in revenue generation and has a TVL of $25.8B with 24.6K active addresses.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Does USDT have sufficient reserves? Tether has reportedly hired KPMG for a comprehensive audit.
Tether has commissioned KPMG to conduct a comprehensive financial audit of $185 billion USDT and has hired PwC to optimize internal systems and enhance financial transparency. This move responds to external doubts about its reserves before Tether enters the U.S. market. Over the past two years, Tether has faced legal challenges that exposed its reserve structure, and the market has often questioned its liquidity, but it has recently adjusted its asset allocation to reduce risk.
区块客5h ago
Tether’s USDT to undergo its first full audit by KPMG, FT reports
Tether is moving toward deeper financial transparency with a landmark step: hiring KPMG for its first full audit of USDT’s financial statements, while PwC assists in strengthening internal systems. The Financial Times reported the move, noting that the audit will extend beyond reserve snapshots and
CryptoBreaking5h ago
Tether Taps KPMG for First Big Four USDT Audit Amid U.S. Expansion Push
Tether has hired KPMG for a comprehensive audit of its $184 billion USDT stablecoin, along with PwC to prepare for the process. This comes amid plans to register USDT under the GENIUS Act, addressing transparency concerns over its reserves.
Decrypt6h ago
Tether Hires KPMG for First Big Four Full Audit of USDT Reserves As Stablecoin Giant Eyes US Expa...
Tether has hired KPMG for its first full audit of USDT, the largest stablecoin, marking a significant step towards financial transparency and addressing prior investor concerns. The audit aims to thoroughly review Tether’s financial practices and asset valuations.
ZyCrypto7h ago
